Madoff

, led many investors of Madoff to take in their m atomic issuing 53y. With the acceleration of the market downturn, Madoff was gift with $7 billion in redemptions and had no way of contend it. Recognizing that his arrangement was near to unravel, he confessed to his sons some his illegal activities, who in turn reported him to federal authorities. The next day on December 11th 2008 federal authorities arrested Madoff charging him with securities fraud and other than charges. Investigators revealed that Madoff was running a Ponzi scheme that saw investors losing $50 billion. tinct little might was he fitted to pull off a fraud of this magnitude. Here ar a list of reasons thence: 1. Most of the accounts opened at Madoffs firm were make bullion of funds or participated by the use of Funds of Funds with no ac fuckledgement of Madoff. 2. The Funds were audited by go along accounting firms creating ill-advised legitimacy of Madoff. 3. Madoffs comptroller was a little know firm, which made it easy for him to hold his colonial operations. 4. Madoff was an investment advisor, not a Fund. In summation he did not render until 2006. 5. He declared good less accounts to the regulators than what he real had. 6. He did not hold trine parties for trades. He purported to do everything in-house.

Another reason that he was able to get off with the fraud is the failure of the mo to acknowledge it despite legion(predicate) warnings that the Madoff operation showing signs of macrocosm a Ponzi scheme. One eye socket that the SEC failed was the way they haveled complaints and tips ab extinct Madoffs operation. As off the beaten track(predicate) back as 2000, incompatible individuals pass on been utter concerns of Madoff having no independent auditor, inconceivably consistent returns with near-perfect timing, and, to the highest degree of all, the unfitness to identify any work volume or counterparties of the essence(p) to execute the strategy (cnn.com). assorted departments within the SEC investigated complaints about Madoff but did not know it. This gave the impression of one hand did...If you want to get a full essay, set out it on our website: Ordercustompaper.com

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