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DonDominguez

ACCT 572 Research Project

DonDominguez

ACCT 572 Research Project

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ACCT 572 Research Project

 

Frauds are reported in local and national newspapers on an almost daily basis. Please consider several resources, and research any notable fraud case to address the topics noted below.

Then, please write an analysis (2,000–3,500 words) that analyzes this fraud in relation to the course material.

 

In your paper, you should

  1. describe and analyze how the fraud was executed;
  2. identify and briefly discuss the role of the parties that were involved as perpetrators, accomplices, victims, tipsters, observers, and so forth (preferably in a chart or illustration) [include Jeffry Picower];
  3. assess the motives (or possible motives, if not reported) of each perpetrator;
  4. identify controls that might have deterred or prevented the fraud from occurring;
  5. discuss any involvement of the SEC;
  6. document how the fraud was discovered and investigated, including what should have been identified as red flags;
  7. discuss the resolution of this case; and
  8. cite and reference any articles, other texts, journals, websites, or so forth that you used as a source for the facts in your paper. NOTE: Avoid Wikipedia, because it is not recognized as a credible, authoritative source.

Grading Rubrics

<table width="90%"> <thead> <tr> <td>

Category

</td> <td>

Points

</td> <td>

%

</td> <td>

Description

</td> </tr> </thead> <tbody><tr> <td>

First Draft or First Deliverable

</td> <td>

25

</td> <td>

15%

</td> <td>

This consists of two paragraphs providing a short description of the fraud you choose as the subject of your Research Project.

</td> </tr> <tr> <td>

Documentation and Formatting

</td> <td>

10

</td> <td>

6%

</td> <td>

Paper should follow designated guidelines. Citations and references are used appropriately.

</td> </tr> <tr> <td>

Organization and Cohesiveness

</td> <td>

10

</td> <td>

6%

</td> <td>

Structure of the answers is clear and easy to follow.

</td> </tr> <tr> <td>

Editing

</td> <td>

10

</td> <td>

6%

</td> <td>

Grammar and spelling is correct. Sentence structure is appropriate.

</td> </tr> <tr> <td>

Content

</td> <td>

115

</td> <td>

67%

</td> <td>

Content is comprehensive and accurate. Major points are adequately stated and address course concepts. Content and purpose of the answers is clear.

</td> </tr> <tr> <td>

Total

</td> <td>

170

</td> <td>

100

</td> <td>

A quality paper will meet or exceed all of the above requirements.

</td> </tr> </tbody></table>

 

 

 

 

Description of Fraud – Bernie Madoff

 

Bernie Madoff grew up in New York City. While growing up in New York there was one thing on his mind that was a driving force behind what he did and that was his desire to be rich. Bernie decided that Wall Street was where he needed to be to make the kind of money he wanted. After completing college in 1960, he began to work his way into the tight group of people that he believed ran Wall Street. He did this by creating his own brokerage firm, Madoff Securities

Bernie Madoff was able to pull off one of the largest and longest running Ponzi schemes in history. Bernie Madoff was a wealthy, prominent, industry insider, who perpetrated his scheme on unsuspecting investors beginning in 1992. Between 1992 and 2008 the SEC received six complaints against Bernie Madoff and his company and did investigate him. Each time Bernie Madoff somehow passed the investigations and proceeded with his scheme. It was not until 2008 when he could no longer keep up with the fraud because of the down turn in the economy he was forced to confess. (U.S. Securities and Exchange Commission Office of Investigation, 2009).

After the public display of the SEC’s failure to discover the Ponzi scheme by Madoff, despite the six complaints, the SEC conducted an internal investigation to try and determine why they failed defect the fraud during their investigations. The SEC report found that the investigation were no complete, lack of communication, not enough resources and expertise, and lack of proper processes and controls. Additionally, the report found that there were no impropriety in their handling of the cases and no attempt by senior officials to influence the investigation. However, it was found that SEC’s examination of Bernie Madoff’s company was done with too much caution because of who he was and his status in the investment world.

 

 

Reference:

 

Bernard Madoff. (2015). The Biography.com website. Retrieved Mar 12, 2015, from             http://www.biography.com/people/bernard-madoff-466366

 

 

Rjrock. (2012, September 5). The SEC and Madoff: The Need for Authentic Leadership in           Regulatory Agencies. Retrieved March 12, 2015, from    http://journey24pointoh.com/2012/09/05/the-sec-and-madoff-the-need-for-authentic-    leadership-in-regulatory-agencies/#_ENREF_10

 

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