Bernie Madoff

Bernie’s Life

100

True or False- Bernie Madoff never attended university

False, he attended the University of Alabama

200

What did Bernie Madoff major in?

Political Science

Main events

100

True or False- A Ponzi scheme is completely legal

False

200

Did Bernie Madoff promise high or low returns?

High- 10-12%

300

Define Ponzi scheme

A fraud where the organizer pays old investors with new investor’s money instead of actual profits

Consequences

100

Did the 2008 stock market crash help Bernie’s company?

No-it caused it to collapse as investors withdrew money

200

How many subjects were charged for these crimes?

14

Accounting principles

100

Bernie’s accountants fabricated source documents. This is a violation of which accounting principle?

Objectivity Principle

200

Bernie Madoff mixed personal and business funds- this is a violation of which accounting principle?

Business Entity Principle