Bernie Madoff is a well-known name that is associated with unethical practices, such as a Ponzi scheme in December 2008. Madoff took money from investors; those investors were various organizations, non-profits, successful entrepreneurs, businesspeople, and entertainers. He was making it appear that his investors were getting a 10 percent or more return on their investments. He would do this by printing up fake documents to make it look as if the investments were actually legit. Madoff was successful in drawing billions of dollars from these investors for years and was never caught by the SEC. It wasn’t until Madoff admitted to his two sons Mark and Andrew that he was operating a Ponzi scheme that he was caught. Mark and Andrew turned their father in. Neither of his two sons were charged with any fraudulent activity in the scheme. In March 2009 Madoff admitted he was guilty; he did not mentioned any involvement from his family or employees. Bernard Madoff did state “I want to emphasize today that while my investment advisory business—the vehicle of my wrongdoing—was part of Bernard L. Madoff Securities, the other businesses that my firm engaged in, proprietary trading and market making, were …show more content…
This is because of the negligence and not being able to find the fraud that was being committed for years. The issue was the examiner of the SEC missed “red flags” when looking into the Madoff firm. This could have been due to many “SEC employees end up working in the investment business on Wall-Street, there was speculation that an overall lake of objectivity clouded these investigations” Ferrell, Fraedrich, Ferrell, 2013). Most of the investors are seeking help from the SIPC (Securities Investor Protection Group), which provides up to $500,000 per customer for theft between a broker and direct investor. Many would say that the best restitution was when Bernard Madoff was arrested on March 12th and taken to