Ponzi scheme

Criminals come in all shapes, sizes, ages, and different walks of life. There are so many factors that can contribute to a person being the way that they are. Just as there are so many theories that can explain why a person is involved in the life of crime. Many professionals have come up with many different theories throughout the years to help explain what factors could prompt a person to become a criminal. Six different types of criminals could have six different types of theories to explain…

A few different actions could be beneficial in ensuring that Ponzi schemes like the one perpetrated by Mr. Madoff do not happen in the future. One of these actions is to ensure that professionals and organizations working in the financial sector receive education regarding ethical behaviors and common pitfalls. Ensuring that individuals working in this important industry are ethically competent is important to the health of the nation as ethical issues erode the trust that Americans have in…

Most white-collar crimes involve some sort of deceit, fraud, or scam. Fraud, counterfeiting, embezzlement, Ponzi schemes, securities fraud, insider trading, tax evasion, and money laundering are common types of white-collar crime (Thomson Reuters, 2015; Henslin, 2015). Most white-collar crime falls into the Innovation deviant path, where cultural goals, like making…

Thesis: The actors involved in the Great Recession as well as those that facilitated the current Chinese real estate bubble have yet to face any criminal prosecution; which stands in disproportionate contrast to the hundreds that were jailed in the better handled Savings and Loan Crisis that was significantly less impactful on the global economy. The recent 2008 Financial Crisis, dubbed the Great Recession, has been one of the worst financial panics to grip this nation since the Great…

Dr. Farid Fata may not be a leader that is well-known. However, this oncologist has definitely made a name for himself over the past couple of years. He did not lead others to a victory, nor is a political leader that continues to make unethical decisions. But, he is a leader who leads hundreds to believe his practice was justified. Over 500 patients of Dr. Fata’s were misdiagnosed with cancer. Many of the victims did not have any type of cancer at all but, Dr. Fata made each one of them…

widespread problem which have resulted in significant financial loss to victims. A few well-known white-collar crime case made headline to aware of the seriousness. They are Enron collapse in 2001, WorldCom financial fraud in 2002, Bernie Madoff Ponzi Scheme in 2008 and Leman Brothers scandal in 2008. These frauds all linked to large amount of money. According to Friedrichs (2009), the financial damage result from white-collar crime in the United States with an estimate of $250 million to $1…

Ben Parker, uncle to our very own Spiderman once said that, “With great power comes great responsibility,” something many corporate leaders of today simply do not understand. They are driven by greed and avarice to satisfy their selfish ambitions. This often comes at a very high price, the burden of which, more often than not, is borne by the society at large. In almost every case, these individuals build up a good public image of themselves, in the end only to betray the ones who trusted them.…

There is a wide range of white collar crime and it can include fraud, embezzlement, bribery. Ponzi schemes and money laundering. In 1939, Edward Sutherland first used the term white collar crime “a crime committed by a person of respectability and high social status in the course of his occupation”. White Collar crime can be traced back to the 15th…

Deviance is a violation of established contextual, cultural, or social norms whether folkways, mores, or codified law. Karl Marx’s conflict theory states of social and economic factors are the causes of crime and deviance. Conflict theorists do not see these factors as positive functions of society, but instead evidence of inequality in the system. The conflict theory separates two different classes a people which are the capitalist class and the working class. People with some type of wealthy…

KPMG’ explicit responsibilities for auditing MS&Co included: • KPMG’S audit Procedures relative to MS&Co’s assets at BAC were to obtain a confirmation from BAC of assets on held on MS&Co’s behalf • To search public records to ensure no adverse issues were noted for BAC relating to any regulatory actions. In September, 2014 MS&CO’s investors and creditors initiated a lawsuit against their auditors, KPMG, on the charge that they conducted a substandard audit, while also failing to follow GAAS.…