International University of Management Madoff Ponzi Scheme Questions

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1) Consider the laws and regulations passed since Madoff’s fraud; how likely
would it be for a similar perpetrator to get away with a $65 billion Ponzi
scheme? Why?

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2) Discuss the use of data visualization techniques that could have detected
Madoff’s Ponzi scheme earlier.

3) Using Cressey’s fraud triangle, discuss how Bernie and his co-conspirators rationalized the fraud given that they were all very wealthy
before their involvement in the scheme.

4) What losses, both financial and nonfinancial, could have been avoided
(reduced or eliminated) if the SEC had listened to Harry Markopolis the
first time he informed them of his suspicions?

5) Charles Ponzi’s fraudulent scheme began in the early 1900s. He was
imprisoned multiple times, escaped prisons multiple times, and died in the
charity ward of a Rio de Janeiro hospital in 1949.
i. In what ways were Madoff’s Ponzi scheme similar to and different
from Mr. Ponzi’s Ponzi scheme?
ii. Bernie Madoff committed a Ponzi scheme a century later than the
original Mr. Ponzi. How has the accounting profession failed to
create GAAP and the requisite internal controls to protect the
iii. What measures have the accounting profession and federal
government agencies implemented to thwart similar financial
schemes like Madoff’s Ponzi scheme?

6) To what extent would it have been considered fraud, if Madoff’s sons
granted their father’s wish to stay quiet for one-week while he disbursed
remaining funds to family and friends?

7) To what extent did the SEC serve as an unknowing accomplice or co-conspirator by ignoring Harry Markopolis’ warnings, thus allowing Madoff
to perpetuate his fraud?

8) Markopolos has described Madoff as an octopuses’ body and head
whereby feeder fund managers were the octopuses’ tentacles that
spanned the globe. Discuss ways to mitigate investing in a fund of funds
led by feeder fund managers willing to look the other way to maintain a
steady flow of fees from fraudsters such as Madoff.

9) From your research plus the readings, and videos discuss red flags that
feeder fund managers and savvy investors should have noticed. Discuss
why people, even those well informed about Ponzi schemes, ignored red

10)Bernie Madoff is imprisoned but what happened to his co-conspirators,
such as the feeder fund managers, Madoff’s accountants, accounting
firms that performed audits on the feeder funds and others?

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