became involved in many of their favorite causes, a generous donor, and an investor guru. Bernie made himself look as a caring, stable and a legitimate business man. However, his access to wealthy individuals weren’t enough for him. His next target was hedge funds, institutional investors, and even charities. The criminal choice behavior kept repeating itself, till he confessed of his crimes. Mr. Madoff exploited the trust of others, for his own financial gain. According to Enterprise Crime, “Chiseling Using illegal means to cheat an organization, its consumers, or both, on a regular basis” (pg. 319, ). Madoff cheated organizations and consumers out of $50 billion dollars. His investors believed their money was with a fund they had invested in or within a bank, used as a repository. No one knew that he was committing the following fraud: securities fraud, investment adviser fraud, mail fraud, and wire fraud. Investors were oblivious due to receiving one percent back of their investments each month. He will be remembered for fooling wealthy individuals out of their money. In conclusion, Bernie Madoff behavior can be categorized as a criminal. Bernie targeted wealthy individuals that were typically close to him, his family, and place of living circumstances. By presenting himself as a prestigious man, he swindled people out of billions of dollars.
You've reached the end of your free preview.
Want to read both pages?
- Spring '19
- Ponzi scheme, Bernard Madoff, Bernie Madoff