The madoff affair white collar crime by shelanie lujan on prezi money laundering 2015

The madoff affair white collar crime by shelanie lujan on prezi money laundering 2015

White collar crime

The madoff affair

By. Shelanie lujan

2nd block

What?

When?

– he was caught on december 16, 2008.

Who?

– bernie madoff worked as a lifeguard to earn enough money to start his own securities firm.

How?

– now, bernie confessed that it was accomplished by creating a pyramid scheme in which existing clients returns were as needed with money from new investors.

Why?

-A pioneering market maker, he had chaired NASDAQ, had advised the government on market issues. Turning away some investors and telling those he accepted not to talk to outsiders produced a sense of exclusivity. Which included him giving 10% each year.

*forgery*

– when a person passes a false or worthless instrument such as a check or counterfeit security with the intent to defraud or injure the recipient.

*identity theft*

– use of a person’s private identifying information, usually for financial gain.Money laundering 2015

*money laundering*

– the investment or transfer of money from racketeering, drug transaction or other embezzlement schemes so that it appears that its original source either cannot be traced or is legitimate.

* copy infringement*

– the use of works protected by copyright law without permission.

*cybercrime*

– crime conducted via the internet or some other computer network.

*embezzlement*

– when a person who has been entrusted with money or property appropriates it for his or her own use and benefit.

*insider trading*

– when a person uses inside, confidential, or advance information to trade in shares of publicly held corporations.

* ponzi schemes*

– an investment fraud in which an individual is offered a distributorship or franchise to market a particular product.

*bribery*

-when money goods, services, information or anything else of value is offered with intent to influence the actions, opinions, or decisions of the taker.Money laundering 2015

*fraud*

– wrongful or criminal deception intended to result in financial or personal gain.

– half a century later is became a huge ponzi scheme.

– his $17.1 billion that was claimed to be under management was all gone.

The consequences

– madoff was arrested.

– he was pleaded guilty to 11 federal crimes and admitted to operating the largest private ponzi scheme in history.

– www.Ckfraud.Org/whitecollar.Html

– www.Economist.Com/node/12818310

Sites full transcript

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