Essay On Ponzi Scheme

Essay On Ponzi Scheme-10
How can late-stage investors get their funds back once this scheme fails, as it certainly will, when they were clearly told they were giving “donations or love gifts”?It’s a heartbreaking combination of gullibility and greed.

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Essay On Ponzi Scheme Literary Essay Examples

If anyone thinks that huge fines are enough to deter misconduct by huge financial institutions, they should think again.The scheme is named after Charles Ponzi, who was arrested in 1920 in the United States for mail fraud.At that time, he owed his investors some million.And yet, no one at the bank has been criminally prosecuted for any of this.The deal reached by JPMorgan with prosecutors in the Madoff case stopped short of a guilty plea, and no individual prosecutions were announced.PLEASE forgive the weak pun that I’ve chosen for a title, although it probably makes sense only to those who’ve heard of Madonna.But I was trying to look for a light-hearted way to view what’s happening with the Kabus Padatoon (Kapa)-Community Ministry International Inc. Last Thursday, some 50,000 members of Kapa gathered in a gym in General Santos to listen to their founder, Pastor Joel Apolinario, who arrived in a maroon helicopter, according to a report by Rappler’s Bobby Lagsa. That’s what Securities and Exchange Commission (SEC) Chairman Emilio Aquino has challenged Apolinario to explain.Why they choose to profit from schemes like this, instead of educating others to steer clear of them, is a matter for their conscience to grapple with.On average, a Ponzi scheme runs for four years, an Emory University study observed.Now, on almost the same day as Judge Rakoff’s essay was published, JPMorgan Chase has fessed up again, admitting that it committed two criminal violations when it covered up its knowledge of Bernard Madoff’s billion Ponzi scheme, which was run through Madoff’s bank accounts at the bank. Attorney for the Southern District of New York, JPMorgan’s “miserable” institutional failures enabled Madoff “to launder billions of dollars in Ponzi proceeds.” To resolve these Madoff cases, JPMorgan agreed to pay more than .6 billion in various settlements with federal authorities.According to prosecutors, JPMorgan’s actions amount to “programmatic violation” of the Bank Secrecy Act, which requires banks to maintain internal controls against money laundering and to report suspicious transactions to the authorities. At the same time, it also filed two settlements in private actions totaling more than 0 million – one for 5 million with the trustee liquidating the Madoff estate, and the other for 8 million to settle a class action.

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