Madoff Investment Scandal
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Madoff Investment Scandal
The Madoff investment scandal was a major case of stock and securities fraud discovered in late 2008. In December of that year, Bernie Madoff, the former Nasdaq chairman and founder of the Wall Street firm Bernard L. Madoff Investment Securities LLC, admitted that the wealth management arm of his business was an elaborate multi-billion-dollar Ponzi scheme. Madoff founded Bernard L. Madoff Investment Securities LLC in 1960, and was its chairman until his arrest. The firm employed Madoff's brother Peter Madoff, Peter as senior managing director and chief compliance officer, Peter's daughter Shana Madoff as rules and compliance officer and attorney, and Madoff's sons Mark Madoff, Mark and Andrew Madoff, Andrew. Peter was sentenced to 10 years in prison, and Mark died by suicide two years to the day after his father's arrest. Alerted by Madoff's sons, federal authorities arrested Madoff on December 11, 2008. On March 12, 2009, Madoff pleaded guilty to 11 federal crimes and admitted ...
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Mug Shot
A mug shot or mugshot (an informal term for police photograph or booking photograph) is a Portrait photography, photographic portrait of a person from the shoulders up, typically taken after a person is placed under arrest. The primary purpose of the mug shot is to allow law enforcement to have a photographic record of an arrested individual to allow for identification by victims, the public and investigators. However, in the United States, entrepreneurs have recently begun to monetize these public records via the mug shot publishing industry. Photographing of criminals began in the 1840s only a few years after the invention of photography, but it was not until 1888 that French police officer Alphonse Bertillon standardized the process. Etymology "Mug" is an English slang term for "face", dating from the 18th century. Mug shot can more loosely mean any small picture of a face used for any reason. Description A typical mug shot is two-part, with one side-view photo, and one fr ...
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Ponzi Scheme
A Ponzi scheme (, ) is a form of fraud that lures investors and pays Profit (accounting), profits to earlier investors with Funding, funds from more recent investors. Named after Italians, Italian confidence artist Charles Ponzi, this type of scheme misleads investors by either falsely suggesting that profits are derived from legitimate business activities (whereas the business activities are non-existent), or by exaggerating the extent and profitability of the legitimate business activities, leveraging new investments to fabricate or supplement these profits. A Ponzi scheme can maintain the illusion of a sustainable business as long as investors continue to contribute new funds, and as long as most of the investors do not demand full repayment or lose faith in the non-existent assets they are purported to own. Some of the first recorded incidents to meet the modern definition of the Ponzi scheme were carried out from 1869 to 1872 by Adele Spitzeder in German Empire, Germany and ...
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Opportunity Cost
In microeconomic theory, the opportunity cost of a choice is the value of the best alternative forgone where, given limited resources, a choice needs to be made between several mutually exclusive alternatives. Assuming the best choice is made, it is the "cost" incurred by not enjoying the ''benefit'' that would have been had if the second best available choice had been taken instead. The '' New Oxford American Dictionary'' defines it as "the loss of potential gain from other alternatives when one alternative is chosen". As a representation of the relationship between scarcity and choice, the objective of opportunity cost is to ensure efficient use of scarce resources. It incorporates all associated costs of a decision, both explicit and implicit. Thus, opportunity costs are not restricted to monetary or financial costs: the real cost of output forgone, lost time, pleasure, or any other benefit that provides utility should also be considered an opportunity cost. Types Expl ...
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Times Newspapers Ltd
News Corp UK & Ireland Limited (trading as News UK, formerly News International and NI Group) is a British newspaper publisher, and a wholly owned subsidiary of the American mass media conglomerate News Corp. It is the current publisher of ''The Times'', ''The Sunday Times'', and ''The Sun'' newspapers; its former publications include the ''Today'', ''News of the World'', and '' The London Paper'' newspapers. It was established in February 1981 under the name News International plc.The Times Online Style Guide
– see entry for News International for change from plc to Ltd
In June 2002, the company name was changed to News International Limited, and on 31 May 2011, to NI Group Limited, and on 26 June 2013 to News UK.


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Between 1987 and 199 ...
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Times Online
''The Times'' is a British daily national newspaper based in London. It began in 1785 under the title ''The Daily Universal Register'', adopting its modern name on 1 January 1788. ''The Times'' and its sister paper ''The Sunday Times'' (founded in 1821), are published by Times Media, since 1981 a subsidiary of News UK, in turn wholly owned by News Corp. ''The Times'' and ''The Sunday Times'' were founded independently and have had common ownership only since 1966. It is considered a newspaper of record in the UK. ''The Times'' was the first newspaper to bear that name, inspiring numerous other papers around the world. In countries where these other titles are popular, the newspaper is often referred to as or , although the newspaper is of national scope and distribution. ''The Times'' had an average daily circulation of 365,880 in March 2020; in the same period, ''The Sunday Times'' had an average weekly circulation of 647,622. The two newspapers also had 600,000 digit ...
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The Independent
''The Independent'' is a British online newspaper. It was established in 1986 as a national morning printed paper. Nicknamed the ''Indy'', it began as a broadsheet and changed to tabloid format in 2003. The last printed edition was published on Saturday 26 March 2016, leaving only the online edition. The daily edition was named National Newspaper of the Year at the 2004 British Press Awards. ''The Independent'' won the Brand of the Year Award in The Drum Awards for Online Media 2023. History 1980s Launched in 1986, the first issue of ''The Independent'' was published on 7 October in broadsheet format.Dennis Griffiths (ed.) ''The Encyclopedia of the British Press, 1422–1992'', London & Basingstoke: Macmillan, 1992, p. 330. It was produced by Newspaper Publishing plc and created by Andreas Whittam Smith, Stephen Glover and Matthew Symonds. All three partners were former journalists at ''The Daily Telegraph'' who had left the paper towards the end of Lord Hartwell' ...
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United States Dollar
The United States dollar (Currency symbol, symbol: Dollar sign, $; ISO 4217, currency code: USD) is the official currency of the United States and International use of the U.S. dollar, several other countries. The Coinage Act of 1792 introduced the U.S. dollar at par with the Spanish dollar, Spanish silver dollar, divided it into 100 cent (currency), cents, and authorized the Mint (facility), minting of coins denominated in dollars and cents. U.S. banknotes are issued in the form of Federal Reserve Notes, popularly called greenbacks due to their predominantly green color. The U.S. dollar was originally defined under a bimetallism, bimetallic standard of (0.7734375 troy ounces) fine silver or, from Coinage Act of 1834, 1834, fine gold, or $20.67 per troy ounce. The Gold Standard Act of 1900 linked the dollar solely to gold. From 1934, its equivalence to gold was revised to $35 per troy ounce. In 1971 all links to gold were repealed. The U.S. dollar became an important intern ...
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Andrew Madoff
Andrew Madoff ( ; April 8, 1966 – September 3, 2014) was an American financier best known for, alongside his brother, exposing the financial crimes of his father, Bernie Madoff, whose Ponzi scheme has been widely described as the largest and most successful in history. Biography Andrew earned a bachelor's degree in economics from the University of Pennsylvania in 1988. He and his brother Mark worked for their father's firm, but in a division removed from their father's deceptive practices. As markets plunged during the 2008 financial crisis, their father was unable to maintain the deception; they later described how he confessed his ongoing scheme to them and their mother on December 10, 2008. Their father asked them to give him 24 hours before going to the police so he could get his affairs in order, but the brothers chose not to; their father was arrested the next day, and the brothers never spoke with him again. Andrew married Deborah Anne West in January 1992. According to ...
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Mark Madoff
Mark David Madoff ( ; March 11, 1964 – December 11, 2010) was an American financier who alongside his brother was a contributor in the multi-billion dollar Ponzi scheme committed by his father, Bernie Madoff. Personal life Madoff was born and raised on Long Island, New York, the elder son of Bernard and Ruth Madoff's two sons. He earned a bachelor's degree in economics from the University of Michigan in 1986, where he had been a member of the Sigma Alpha Mu fraternity. He married his college girlfriend, Susan Elkin, and moved to Greenwich, Connecticut, where they raised two children. They divorced in 2000, and he eventually moved back to Manhattan. In 2003, he married Stephanie Mikesell, with whom he had two children, born in 2006 and 2008. Career and investment scandal Madoff joined his father's company in 1987. He and his brother, Andrew Madoff (1966–2014), managed the firm's legitimate market-making and proprietary trading arm. In December 2008, Mark and his brother ...
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Shana Madoff
Shana Diane Madoff ( ; born December 8, 1967), sometimes referred to as Shana Madoff Skoller Swanson, is an American former attorney who is now a yoga teacher. She is the daughter of Peter Madoff, and a niece of Bernie Madoff, who employed her as a compliance officer and attorney at Bernard L. Madoff Investment Securities (BLMIS) from 1995 until 2008. In December 2008 BLMIS was discovered to be a $65 billion Ponzi scheme, and closed as part of the Madoff investment scandal. Her uncle Bernard Madoff was sentenced to 150 years in prison for the scheme, and her father, who was her boss at the company and the chief compliance officer, was sentenced to ten years in prison. In 2007, she married Eric Swanson, a former Assistant Director of the Office of Compliance Investigations and Examinations at the U.S. Securities and Exchange Commission (SEC).Profi ...
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Chief Compliance Officer
The chief compliance officer (CCO) is a corporate executive within the C-suite responsible for overseeing and managing regulatory compliance issues within an organization. The CCO typically reports to the chief executive officer or the chief legal officer. Responsibilities The responsibilities of the chief compliance officer include: *Leading enterprise compliance efforts *Designing and implementing internal controls, policies, and procedures to ensure compliance with applicable local, state, and federal laws and regulations, as well as third-party guidelines *Managing audits and investigations into regulatory and compliance issues *Responding to requests for information from regulatory bodies *Promoting a culture of compliance and ethical behavior within the organization Education and Certification Compliance officers generally have a background in law, finance, or a related field, and often hold advanced degrees such as a Juris Doctor (JD), Master of Business Administration ...
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Peter Madoff
Participants in the Madoff investment scandal included employees of Bernard Madoff's investment firm with specific knowledge of the Ponzi scheme, a three-person accounting firm that assembled his reports, and a network of feeder funds that invested their clients' money with Madoff while collecting significant fees. Madoff avoided most direct financial scrutiny by accepting investments only through these feeder funds, while obtaining false auditing statements for his firm. The liquidation trustee of Madoff's firm has implicated managers of the feeder funds for ignoring signs of Madoff's deception. Although Madoff claimed to have executed the scheme alone, subsequent investigation has shown that he was assisted by a small group of close associates, as well as the feeders' self-interested indifference to the source of his investment returns. Madoff Securities International Ltd. In 2008, about $1 billion was transferred between Madoff's U.S. firm and Madoff Securities Internation ...
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