Thousands of investors Lost money, admitted to his role in a fraud scheme who were defrauded sometimes lost most that harmed the savings of thousands of their retirement of investors.” savings & had to return to work; fooled, cheated, lied to Employees Economic security Special Agent Robert L. Panella said lost, benefits lost, that Madoff the “undermine[d] Inability to support financial well-being of workers.” family Madoff also to protect the “Failed integrity of employee benefit plan assets….” Regulators Were all tricked into created numerous false “Madoff believing compliance documents in which he falsehoods; were stated that he had performed unable to perform compliance reviews of the trading in their jobs the BLMIS IA business on a regular appropriately basis, when, in reality, the reviews were never performed. The false statements were designed to mislead regulators, auditors, and IA clients” Auditors Were all tricked into See above quote. believing falsehoods; were numerous false statements in the “The IA [Investment Advisory] unable to perform Forms ADV created the false clients their jobs appearance that BLMIS’s IA business appropriately had a small number of highly Bernard L. Madoff Thought they were sophisticated clients and far fewer Investment Securities investing in an elite, assets under management than was (BLMIS) clients thriving company actually the case.” His wife Marion Short-term gain of government has entered into a “The money; settlement with Madoff’s family that long-term loss of requires the forfeiture of all of his wife money and Marion’s and daughter Shana’s assets separation and assets belonging to other family from father/husband, members.”
admitted to his role in a fraud scheme that harmed the savings of thousands of investors.” Thousands of investors who were defrauded Lost money, sometimes lost most of their retirement savings & had to return to work; fooled, cheated, lied to Employees Economic security lost, benefits lost, Inability to support family Special Agent Robert L. Panella said that Madoff “undermine[d] the financial well-being of workers.” Madoff also “Failed to protect the integrity of employee benefit plan assets….” Regulators Were all tricked into believing falsehoods; were unable to perform their jobs appropriately “Madoff created numerous false compliance documents in which he stated that he had performed compliance reviews of the trading in the BLMIS IA business on a regular basis, when, in reality, the reviews were never performed. The false statements were designed to mislead regulators, auditors, and IA clients” Auditors Were all tricked into believing falsehoods; were unable to perform their jobs appropriately Thought they were investing in an elite, thriving company See above quote. “The numerous false statements in the Forms ADV created the false appearance that BLMIS’s IA business had a small number of highly sophisticated clients and far fewer assets under management than was actually the case.” IA [Investment Advisory] clients Bernard L. Madoff Investment Securities (BLMIS) clients His wife Marion Short-term gain of money; long-term loss of money and separation from father/husband, “The government has entered into a settlement with Madoff’s family that requires the forfeiture of all of his wife Marion’s and daughter Shana’s assets and assets belonging to other family members.”
solution-manual-detecting-accounting-fraud-1st-edition-jackson.docx