The Madoff Affairs Business & Marketing Essay Paper (Essay Sample)
This assignment requires you to watch the PBS documentary, The Madoff Affair, found in Module 2, and select an individual involved in the scandal that was faced with an ethical dilemma to analyze. Please incorporate the steps of the Framework for Ethical Decision Making into your analysis and recommendations for how you they resolve their ethical dilemma.source..
The Madoff Scandal
The Madoff Scandal
Bernie Madoff is an American former market maker, a financier and an investment advisor who is currently serving a prison sentence after being convicted for public fraud through a massive Ponzi scheme. Dubbed the Madoff investment scandal, the scheme was a major case that involved stock and securities fraud, which was discovered late in 2008. Michael Bienes worked with the company and failed to take appropriate measures to avoid falling victim of the scheme.
Bernard L. Madoff Investment Securities LLC was founded in 1960 by Madoff, and operated the company until his arrest. Madoff employed his brother Peter as a senior managing director and the chief compliance officer, his sons Mark and Andrew and his brother’s daughter all held different positions in the company. The investment became so successful that everyone in the world of finance desired to be him. However, things changed overnight. People lost significant amounts of money that saw the investment branded as the biggest Ponzi schemes in the country’s history. The scandal left the financial world devastated with the total amount of money lost exceeding $60 billion dollars. One of the victims, who happened to be Madoff’s accountant, was Michael Bienes.
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