Management 3301Dr. Ahmed Sallam“Corruption and Fraud”By Karim Abdel Galil,ID: 900.101.576, Section 04&Hatem OthmanID: 900.100.798, Section 03Corruption and FraudThe following is a case that was recently brought to court in 2008.Bernard Lawrence "Bernie" Madoff is an American imprisoned for fraud and a former stockbroker, investment advisor and financier. He was the former non-executive chairman of the NASDAQ stock market and the admitted operator of a Ponzi scheme, which until now is the largest financial fraud in US history. He used to pay returns to his investors from the new capital paid to the operators by the new investors, rather than from the profit earned by the operator. Madoff founded the Wall Street firm Bernard L. Madoff Investment Securities in 1960. He was its president until he was arrested on December 11; 2008. He is currently serving a 150-year life sentence.1. Introduction: Since money was created and used, many different ways of fraud, deception and theft have been created to steal other people's belongings. Theft and fraud have become even easier since technology was created and used to deal with money-related issues. Examples: credit card breach, bank account breach, money laundering, stolen checks and, of course, Ponzi scheme, in which a person returns to his investors from new capital paid to traders by new investors. One of the largest and most popular modern frauds in the United States began in 1993 until 2008, when owner Madoff was sentenced to prison. Mandoff was able to keep his hidden agenda alive and earn more and more money for over 15 years in the United States, which is one of the most o......middle countries......the scandal is the largest of its kind in financial history, there is extensive information about the incident. We recommend watching the documentary film “Chasing Madoff”. Beyond that, Markopolos' 21-page memo filed with the SEC in 2005 explains the fraud mechanisms three years before Madoff's arrest. Additionally, the New York Times has an online timeline that includes key dates in the Madoff case. Also, for those who don't fully understand the concept of Ponzi Schemes and leaving aside the specific Madoff case, the popular culture show “Two and a Half Men” shows a simple fraud carried out by the character “Alan” in the episode “That Darn Priest” . Of course it's mixed with situational comedy; however the episode does a good humorous job of illustrating the simplest technique for a Ponzi scheme by financing "returns" with new investments.