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.


Project Title: Ponzi Scheme II.

Introduction You are a relatively new journalist atan accounting publication: The Journal of Strategic Fraud Warriors, which is headquartered in New York City. The target market for Fraud Warriors includes academics, professional fraud examiners, accounting practitioners, attorneys, financial managers, government regulators, and other highly educated professionals. The journal is sold in high end bookstores, university bookstores, and on Websites of variousprofessional organizations.In your sixth week of employment, your boss assigned you to authoran article on the fallout from the Bernie Madoff Ponzi scheme. He expects your final article to be a minimum of 15.

Since the article will appear in a peer reviewed journal, APA style and formatting must be used. The boss explicitly stated, he expects a minimum of 15 pages of content, excluding the cover page, abstract, table of contents, and references. Bulleted lists are disallowed. APA uses double spacing with no extra white space between items, etc.You’re super excited to be selected as the author knowing that your article will likely attract many readersfrom prestigious institutions. Before jumping into writing you decide to read more about the Madoff Ponzi scheme.

III. Steps to completion

Step 1:Review the articles and view the videos in the Project 2 folder in Content/Course Resources/Projects & Rubrics.

•Read: Case Study, Bernie Madoff’s Ponzi Scheme: Reliable Returns from a Trustworthy Financial Advisor,by Denis Collins.

•Search the Webfor more information on the Madoff case:

oBernie Madoff movies and/or the mini-series

oBook, pdf, and movie: No One Would Listen, by Harry Markopolis

Step 2: Review the requirements of APA Style, 7 thedition.

Step 3:Conduct Research Cite from scholarly (peer reviewed) journals only. When using the UMGC library, One Search, click Scholarly journals onlyto retrieve articles from peer reviewed journals.

Use the following question(s) as a launch pad for further research.

To prepare the journal article select those questions upon which your research focused.

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?

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 public?

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 andsavvy investors should have noticed. Discuss why people, even those well informed about Ponzi schemes, ignored red flags.

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

1)Which fraud detection tools should be employed to assess the due diligence of feeder fund managers?

12)Why didn’t sophisticated investors perform due diligence before investing large sums of money with Madoff?

•Step 4:Prepare your final deliverable:

oAn article in APA style suitable for publication in The Journal of Strategic Fraud Warriors

oRequires a minimum of 15 pages of content, excluding the cover page, abstract, table of contents and references. Also, bullets are disallowed. APA uses double spacingonly. Do not add white space between items, etc. Refer to your APA resources as there are many formatting requirements needed.

Step 5:Submit your draft documents to the writing tutors at least 1 week before the project due date. Make edits to improve your deliverable after reviewing feedback from writing tutors.As a reminder, Turnitin will check the authenticity of your submissions. If you submit your Word document before the due date, Turnitin will provide a similarity score, which can guide you in determining potential edits needed. You may submit as many times as you’d like. Your professor will only grade the last file you submit in your LEO Assignment folder.

IV. Deliverables An article in APA Style7th editionsuitable for publication in The Journal of StrategicFraud Warriors. The article should bea minimum of15 pages, excluding the cover sheet and reference list.

V. RubricThe grading rubric and all files associated with this project are located in Content/Course Resources/Projects & Rubrics.

VI. Helpful Hints for SuccessRead the rubric before you begin writing to ensure you understand the requirements.Ask your boss (professor) questions as needed.

Review and refresh your understanding of APA Style formattingReview the Turnitin resources in Content/Course Resources/Writing ResourcesSubmit your final project to Turnitin (TII) before the due dateto receive a Similarity Score. oIf you determine the Similarity Score is too high, edit your paper (usually by adding more citations and/or quotations marks) and resubmit to TII.

Your professor will grade the last version submitted before the due date.Re-read the grading rubric before submitting your final project to ensure you have met all of the requirements of this project.

Submit your draft documents to the writing tutorsat least 1 week before the project due date. Make edits to your deliverables after reviewing feedback from the writing tutors.If relevant, review the Departmental Late Policy, in syllabus and in Course Resources/Late Policy.Note: no assignments are accepted after the last day of class.

Instructions on document attached “1. instructions ponzi scheme”

sources should be used as described on the instructions document.

Link to video :

The post 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. appeared first on Essay Quoll.

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