Too Greedy Essay

1427 WordsJun 26, 20126 Pages
Too Greedy for One’s Own Good There have been numerous cases involving ponzi schemes for practically stealing innocent people’s money, but none have ever been to the extent of the financial crimes made by Bernard Madoff, in which he pleaded guilty of in late 2008. His substantial amount of money that he was earning was not questioned, as it is not uncommon for financial advisors and stockbrokers to be making a sufficient paycheck, but when it was revealed that Madoff had stolen nearly eighteen billion dollars from investors over the course of several decades using his self-named corporation, it was clear that Madoff had been using a massive ponzi scheme in order to earn his paycheck. Although investors saw returns, it was not because of his expertise in advising and stock broking, but due to the money gained from his newer investors, in which he used their investments as the returns for the older investors. Although what Madoff has done, and in turn lost thousands of investors an overall amount of billions of dollars, was one of the biggest fraud cases ever in the history of modern day capitalism, he can be used a learning tool for others considering using a ponzi scheme or any kind of financial fraud, in order to insure less white collar crimes from occurring in the future. There will always be those in our population that are greedy and unethical, resulting in the earning of money that should not belong to them. The use of fraud and such ponzi schemes is common in the financial world, where CEOs and advisors will use their power to manipulate others. The advisors have also been known to threaten their coworkers in order to maintain the ability to keep the fraud occurring. Through this, the unethical conditions of the financial world has been taken to another level and has awarded people who are persuasive and in power. Another way bosses use fraud to stay in a

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