Ponzimonium - Madoff and the red flags of fraud

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Title Ponzimonium - Madoff and the red flags of fraud
Author Drew, Jacqueline Mary; Drew, Michael Emmanuel
Journal Name Deakin Business Review
Year Published 2010
Place of publication Australia
Publisher Deakin University
Abstract The Global Financial Crisis has seen investors withdraw funds from investment schemes around the world seeking the safe harbour of cash and bonds. As new investment dried up and investor redemptions were lodged in record numbers, a raft of Ponzi and pyramid-like schemes have been uncovered. Like the promises made by Charles Ponzi to New England residents in the 1920s, the US$65 billion swindle overseen by Bernard L. Madoff has shaken investor confidence. In the wake of the Madoff scandal, the number of Ponzi-type scams being identified around the world has increased at a concerning rate. This phenomenon, popularly termed 'Ponzimonium', represents another significant challenge to investors and regulators alike in the post-GFC environment. This paper considers some of the red flags that surround the Madoff scandal and those aspects of external control that failed to identify the fraud earlier and highlights the need for a proactive approach to fraud detection.
Peer Reviewed Yes
Published Yes
Publisher URI http://www.deakin.edu.au/buslaw/dbs/
Copyright Statement Copyright 2010 Deakin University. The attached file is reproduced here in accordance with the copyright policy of the publisher. Please refer to the journal's website for access to the definitive, published version.
Volume 3
Issue Number 1
Page from 6
Page to 17
ISSN 1835-0615
Date Accessioned 2010-09-09
Date Available 2010-10-06T06:56:48Z
Language en_AU
Research Centre ARC Centre of Excellence in Policing and Security
Faculty Faculty of Humanities and Social Science
Subject Criminology; Finance
URI http://hdl.handle.net/10072/34232
Publication Type Journal Articles (Refereed Article)
Publication Type Code c1

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