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Bernie Madoff Case Summary

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This case that illustrates the unethical decisions made by Stacey McAlpine can be related to a similar case involving Bernie Madoff. Bernie Madoff is a former stockbroker who turned into a fraudster. He started his firm with only $5000 that he had saved from being a lifeguard (Biography, n.d.). Following that he served as a chairman on NASDAQ for a total of three years (non-consecutive) in the early 1990’s (CNN, 2003, n.p.). In 2008 he admitted to some of his employees that his business was just a cover for a ponzi scheme (Biography, n.d, n.p.). After he admitted this to his employees, he was arrested for security fraud and was released on bail for $10 million dollars (Biography, n.d.,n.p.). Following being released from jail, and making bail, …show more content…

It should be noted that this had nothing to do with the criminal charges that Madoff was facing because the courts would later have to make that decision. Another month passed and Madoff pleaded guilty to eleven counts of felony (Biography, n.d., n.p.). This included money laundering, false files with the SEC, fraud and perjury (Biography, n.d., n.p.). Following this plea, the judge sent Madoff to a correctional facility and then in April, the Federal Marshals seized most of Madoff’s assets (Biography, n.d., n.p.). A few months later he was sentenced by the court to 150 years in prison (Biography, n.d., n.p.). Madoff’s family also had to deal with the ramifications of Madoff’s actions including a large lawsuit against the family members who worked in the firm. Now that the whole family was being targeted, one of Madoff’s sons Mark committed suicide because of all of the financial issues going on with his father and how much trouble the whole family was in (Biography, n.d.). It was released that he stole money from those closest to him including friends of his (Biography, …show more content…

He took trusting people’s money away from them. Stacey McAlpine did the same thing. They both found a way to steal money from those who would least expect this to happen. In Madoff’s case some were friends, which stealing from someone is bad, but stealing from people who you are very close with is

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