BERNARD LAWRENCE

Illegal And Unethical Activities Of Bernard Lawrence

Illegal And Unethical Activities Of Bernard Lawrence

Q.1: Describe three types of illegal business behavior alleged against Mr. Madoff and for each type of behavior, explain how the behavior is illegal or unethical in the conduct of business.

Answer: Madoff assisted as the Chairman of the Board of Directors of the Sy Syms School of Business at Yeshiva University, and as Treasurer of its Board of Trustees. He relinguished his place at Yeshiva University after his arrest. Madoff furthermore assisted on the Board of New York City Center, a constituent of New York City's Cultural Institutions Group (CIG). He assisted on the boss assembly of the Wall Street partition of the UJA Foundation of New York which turned down to invest capital with him due to the confrontation of interest. Mr. Madoff, a rich, well-connected financier who's on significant planks and assisted as the head of the Nasdaq supply exchange. Nobody could envisage him being a crook, even though his buying into service developed suspiciously reliable comes back year after year.( Weiner, 2005)

Q.2: Name three types of parties who were impacted by the actions of Mr. Madoff and describe how they were impacted.

Answer: Affected organisations encompass Yeshiva University, the Women's Zionist Organization of America, the Elie Wiesel Foundation and Steven Spielberg's Wunderkinder Foundation. Jewish federations and clinics have lost millions of dollars, compelling some associations to close. The Lappin Foundation, for example, was for the time being compelled to stop procedures because it had bought into its whole $8 million endowment with Madoff.( Murakami 2009)

Q.3: Describe three business safeguards (risk management) that may have prevented the harm caused by Mr. Madoff.

Answer: Mr. Madoff had been free on a $10 million individual recognizance bond under 24-hour detention and electrical devices supervising at his ...