Bernie Madoff Scandal–The King of Ponzi Schemes

Bernie Madoff Scandal–The King of Ponzi Schemes

1. Read the Ethics Case, Bernie Madoff Scandal–The King of Ponzi Schemes
2. Write a 3 page paper summarizing the case and its implications on corporate and accounting governance. Use these questions as guidance:
1. Is Madoff’s sentence too long?
2. Some SEC personnel were derelict in their duty. What should happen to them?
3. Are the reforms undertaken by the SEC (see http://www.sec.gov/spotlight/sec -postmadoffreforms.htm) tough enough, and sufficiently encompassing?
4. Does it matter that Madoff’s auditor, Friehling, was his brother-in-law?
5. Does it matter that Friehling did no audit work?

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