Bernard Madoff, also known as "Bernie Madoff", was an individual who did not have no regards for ethics or be just was an individual whom had no care for ethics at all. Bernie happened to pull off one of the world's largest Ponzi schemes in history and he did not have the assistance of nobody in doing these unethical crimes/violations. He had his own valid business and then he had his invalid business. This company had Madoffs family working in the top executives positions of the company, did the family really not know? How could they have not known or noticed the unethical actions and practices of Madoff? This paper will scrutinize the starting point of the Ponzi scheme, history of Bernie Madoff, and the outcome of his dishonest business.
Quoted from wikipedia.org: "A Ponzi scheme is a fraudulent investment operation where the operator, an individual or organization, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned by the operator. Operators of Ponzi schemes usually entice new investors by offering higher returns than other investments, in the form of short-term returns that are either abnormally high or unusually consistent. The perpetuation of the high returns requires an ever-increasing flow of money from new investors to sustain the scheme. The scheme is named after Charles Ponzi, who became notorious for using the technique in 1920. The idea, present in novels was actually performed in real life by Ponzi who with his operation took in so much money that it was the first to become known throughout the United States. Ponzi's original scheme was based on the arbitrage of international reply coupons for postage stamps; however, he soon diverted investors' money to make payments to earlier investors and himself." Conferring to Wells (2009), the Madoff scheme ".may be the largest single fraud of any kind in history.
