CRIMINOLOGY THEORY ASSESSMENT The present study aims to explore the embezzlements and financial fraudulent activities made by renowned Wall Street business tycoon Bernard L. Madoff during the last two decades and so in order to capture the attention of the investors for the acceleration of his business volume and pecuniary gains as well…
Download full paperFile format: .doc, available for editing
Download file to see previous pages
Before embarking upon the topic under analysis, it would be quite advisable to discuss the criminal activities observed by Bernard Madoff. Madoff belongs to a Jewish family of the USA, who laid the foundation of a penny stock under the title Bernard L. Madoff Investment Securities LLC in 1960 and got it registered at Wall Street as a small trading firm. The firm made huge business during the course of time, and hundreds of businessmen invested their money from its platform at stock exchange. The main reason behind its popularity was its secret attractive profit offers, as the company offered extra percentage in profit than its competitors. From the 1970s right on through to 2008, Bernie Madoff was certainly responsible for making some of his clients’ money. However, as will become apparent later on in this discussion, that money was not made honestly. (madoffscandal.com) Consequently, he earned respectable name and fame as a young energetic Wall Street businessman within few years of his entry into the stock market. By the early 1980s his firm was one of the largest independent trading operations in the securities industry. (NYT, 2009) Being a very social person by nature, Madoff entered into business contracts with the big investors during his visits at clubs, restaurants and ceremonies with the promise of extra profit generated for them by his company. Initially, he tapped local money pulled in from country clubs and charity dinners, where investors sought him out to casually plead with him to manage their savings so they could start reaping the steady, solid returns their envied friends were getting. (Henriques, 2008) The investors appeared to be satisfied with the lucrative and steady profit transactions made by Madoff Securities, and did not express even slightest signs of doubts regarding fraud or misrepresentation at the company’s end. Hence, the number of investors observed significant increase at the company. However, the nature and methodology, adopted by the company, regarding offering profit to the investors appeared to be dubious and shocking for the competitor firms, which were already suspicious about the secret activities of the Madoff Securities. Consequently, it was discovered that Madoff had adopted the largest Ponzi scheme by exercising dishonesty with the investments made by the clients of his company. Madoff confessed of committing fraud with estimated investor losses of about $50 billion by inflicting the Ponzi scheme upon them. A Ponzi scheme is a swindle offering unusually high returns, with early investors paid off with money from later investors. (Honan & Wilchins, 2008) The court announced 150 years imprisonment sentence to Madoff for his crime. Though Madoff pleaded guilty of committing dishonesty and fraud with his investors, he also blames banks and financial institutions for their criminal negligence of performing blindness to his activities. Since these financial institutions were well aware of all the transactions being made, they could have brought it to the limelight in order to stop Madoff from sticking to the same Ponzi scheme. Here appears the Social Control Theory: Articulated by Travis Hirschi in 1969, social control theory states that social control depends upon people anticipating the consequences of their behavior. (Macionis, 2007: 231) In other words, crime rate can witness imperative decreases in the society provided the criminals foresee the outcome of their
...Download file to see next pagesRead More
Cite this document
(“Criminology Theory Assessment Essay Example | Topics and Well Written Essays - 1000 words”, n.d.)
Retrieved from https://studentshare.org/environmental-studies/1408706-criminology-theory-assessment
(Criminology Theory Assessment Essay Example | Topics and Well Written Essays - 1000 Words)
“Criminology Theory Assessment Essay Example | Topics and Well Written Essays - 1000 Words”, n.d. https://studentshare.org/environmental-studies/1408706-criminology-theory-assessment.
The processes depict a sequence of events that ought to be followed. Criminologists use different methods to study the characteristics of criminals, victims and the crimes committed. Treatment, punishment, and/or prevention of crime are the main components of criminology.
Depending on the nature of the business the specifics of risk management vary. An oil company operating in a dangerous environment such as Nigeria will also invest in safer, less profitable regions to balance the risk (and potential profits) of operations in Nigeria.
This has led to widespread concerns over the adoption of measures aimed at averting crime. In the recent years, there has been increased media attention regarding crime in the City of Toronto (Agnew and Cullen 118). The city is marred by gun-related violence, which have escalated into a widespread nightmare that is often described as a pandemic.
In the present essay we study the role of Criminology, the definitions and limitations of common sense, the criminological theories, the importance of statistical data evaluation in relation to crime, the seven C's of common sense, and the enhancement of common-sense understandings through theoretical and methodological tools.
The author states that the criminological theory that is applicable to this scenario is the social learning theory which states that deviant values as well as behaviors are learned by an individual when he/she is constantly in contact with social surroundings that promote deviant behavior. Social learning theory is applicable to this scenario.
Mead presented this thought in America in 1920s. Individuals append intention to images and they act as per their translation of these images.
In verbal discussions, where talked words are the prevalent images, it makes this subjective understanding particularly
Strain theory emphasizes the unmatched opportunities available to individuals. The case of the US explores this idea where there is one goal of achieving greater economic and social prosperity. A skewed distribution of resources and institutional discrimination seems to limit access of the African American minority leading to system manipulation.
4 Pages(1000 words)Essay
GOT A TRICKY QUESTION? RECEIVE AN ANSWER FROM STUDENTS LIKE YOU!
Save Your Time for More Important Things
Let us write or edit the essay on your topic
"Criminology Theory Assessment"
with a personal 20% discount.