White Collar Crime/Challenges to Business' Free Speech
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Read a post-2005 example of white collar crime or challenge to business's free speech.
- Summarize the alleged violation.
- Explain any related litigation processes.
- Analyze the impact it has or may have on the business community, legal interpretations, and the legislative or political processes.
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Solution Summary
The expert examines white collar crime for the challenges to business' free speeches.
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Alleged Violation
White-collar crime is a broad term that covers a variety of nonviolent crimes that are committed by business or government employees. There is a case of white collar crime that was committed by Bernie Madoff. Bernie Madoff is a former American businessman, stockbroker, investment advisor and financier. He is the former non-executive chairman of the NASDAQ stock market and the admitted operator of a Ponzi scheme that is considered to be the largest financial fraud in U.S. history (Oppenheimer, 2010).
Persons appointed by Madoff, created false trading reports based on the returns that he ordered for each customer to make an investment decision. They also used a computer program specially designed to backdate trades and manipulated account statements. The amount missing from client accounts, including fabricated gains, was almost $65 billion. On December 11, 2008, he was arrested and charged with securities fraud (Bandler & Varchaver, 2009, April 30).
Litigation Processes
The court appointed a trustee, who estimated actual losses to investors of $18 billion. In March 2009, Madoff pleaded guilty to 11 federal felonies and admitted to turning his wealth management business into a massive Ponzi scheme that defrauded thousands of investors of billions of dollars. On June 29, 2009, he was sentenced to 150 years in prison; the maximum allowed (Rittenberg, Johnstone & Gramling, 2011).
Madoff's projected release date is November 14, ...
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