Fraud and Madoff
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Why are white-collar criminals such as Madoff able to carry out their schemes for so long when similar types of fraud often collapse at an early stage?
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Solution Summary
Two reasons why Madoff may have been successful in his scheme for so long.
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There are probably two very good reasons to start. The first is a very few people who invest know much about finance or how to read financial reports. The second is dependent on his investors, the rich and famous. When investors need to know information, they depend on financial advisors to help them understand. And paperwork would appear that appeared to be correctly done and compliant. Even the SEC did not have a problem with the reporting and methodology of Madoff's investments. The original real financial business had an excellent reputation and was consistently used as a model for other firms. The trading floor was maintained in strict compliance and many people who worked ...
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