Criminology Theory Assessment Essay Example | Topics and Well Written Essays - 1000 words

Criminology scheme Assessment - Essay ExampleBefore embarking upon the topic under analysis, it would be quite advisable to converse the felonious activities observed by Bernard Madoff. Madoff belongs to a Jewish family of the USA, who laid the foundation of a penny timeworn under the title Bernard L. Madoff Investment Securities LLC in 1960 and got it registered at breakwater Street as a microscopic 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 bon ton offered tautological 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 na me and fame as a young energetic Wall Street businessman within few eld of his entry into the stock market. By the early eighties 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 take 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 minutes made by Madoff Securities, and did not express even slightest signs of doubts regarding fraud or misrepresentation at the companys end. Hence, the number of investors observed signifi cant increase at the company. However, the nature and methodology, adopted by the company, regarding whirl profit to the investors appeared to be dubious and shocking for the competitor firms, which were already suspicious some the secret activities of the Madoff Securities. Consequently, it was discover 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 unmistakably 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 act ivities. Since these financial institutions were well aware of all the transactions being made, they could shake brought it to the limelight in order to stop Madoff from sticking to the same Ponzi scheme. Here appears the Social Control opening 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 end of their