To receive full credit for this assignment, you must:
1) write a post of 6-8 sentences answering this question for yourself, then
2) provide 4-6 sentences of thoughtful feedback on each of at least 3 posts by other people.
A Ponzi scheme occurs when a fraudster uses deposits of new investors to pay off previous investors; no real investing is happening. A Ponzi scheme will collapse if new clients don’t invest, or their investments are too small to fund a decent return to previous investors.
Ponzi schemes are based on trust and greed. The fraudster develops trust by building a relationship with the investors. The fraudster usually gains trust through their actions, their professional, social, or religious affiliations, and personal references. Fraudsters exploit the greed of their investors, who see a chance to obtain higher returns than usual. Because the investors trust the fraudster, they do not perform their normal due diligence.
In March 2009, Madoff pled guilty to 11 federal crimes and acknowledged turning his broker-dealer business into a substantial Ponzi scheme that defrauded investors out of billions. Federal investigators believe that the fraud began as early as the 1980s and the whole thing was possibly never legitimate. The fraud totaled almost $65. On June 29, 2009, Madoff was sentenced to the maximum 150 years. In 2021, he died in prison.
Madoff was once the chair of NASDAQ and often spoke about the securities industry on CNBC. Madoff took advantage of his connections in the investment community and made it seem like it was an honor to invest with him. A Ponzi scheme can only work if plenty of funds are brought in year after year to pay off previous past investors; as such, Ponzi schemes grow exponentially until they collapse. Until that collapse, Madoff had a luxurious lifestyle.
Madoff pulled this off by omitting all the transactions from his formal books. He hired a CPA firm to audit the books, but that audit didn’t really occur. In fact, the CPA was violating independence requirements by being an investor in the fund himself. For a fund of its size, it would normally be audited by a very large, high-quality audit firm. The investors were greedy and enjoyed the higher returns instead. They trusted Madoff, so they didn’t perform the typical due diligence with a verifiable external audit.
It is alleged (as reported on a CNBC Primetime Special) that one of Madoff’s investors was with the Russian mob and Madoff chose to turn himself in and plead guilty because he feared for both his life and that of his sons. Many have speculated that his sons helped him orchestrate the fraud: both died within a few years of the fraud being revealed. As a result of this fraud, the Public Company Accounting Oversight Board (PCAOB) began requiring broker-dealers to obtain audits using firms registered with the PCAOB, and the PCAOB now sets standards for audits of broker-dealers.
Required:
Please respond to the following questions:
How would you describe a Ponzi scheme? What are some other examples of this type of scheme outside of this case?
Describe the essential elements of the Bernie Madoff fraud. What made it so effective?
Is this fraud primarily a case of asset misappropriation or fraudulent financial reporting? Explain the reason for your answer.
Do you believe the PCAOB actions, in this case, will keep this from occurring in the future? Explain.
Your written response paper should be 3-4 pages in length. Please type your paper in a Word document and follow APA format, according to CSU Global Writing Center (Links to an external site.) (Links to an external site.). Include a title page and reference page. Use two (2) outside academic sources other than the textbook, course materials, or additional information provided as part of the course materials.
Requirements: 3-4 Pages not counting reference or cover page
Modern technology allows board access to digital conten
Writing Question
1. Modern technology allows board access to digital content that can be duplicated in violation of copyright laws. Is the threat of criminal prosecution the most effective way to prevent people from illegally acquiring digital content or would other types of deterrents be better? In an essay to be read by an audience of educated adults, take a position on this issue. Support your position with logical arguments and specific examples.
2. Being present at an event, whether it is a concert, theater performance, family celebration, or sporting event, can have an effect on those who experience it. In an essay to be read by an audience of educated adults, describe a memorable event you experienced, and explain why the event was memorable for you. Support your essay with specific details.
3. We have all been lead my a leader at some point. Explain when you felt you have been lead by a leader in your life with supporting details.
4. Some people think schools should start later to accommodate adolescent sleeping patterns. While others thinks that leaves no time for sports or extra curricular activities. Using logic, state your arguments with supporting details.
NOTES: it is a assignment essay, please write personal own words and ideas with NO references. it is timed assignment with no resources.
Requirements: 300-500 word / topic
please make sure it’s personal ideas no references or resources
Topic: Discussion of Distributive Justice following a natural disaster Pick a contemporary natural disaster with which everyone is familiar. The natural disaster selected for discussion should be one that affected a cross-section of society. Discuss how
Discuss how the concept of distributive justice was applied in that situation. Look and review a variety of contrasting perspectives based upon differences in socioeconomic status, gender, race & ethnicity, disability, age, proximity of victims to important places in the vicinity, and other demographic factors.
