With the development of the Internet in the last twenty years, the nature and manner in which financial transactions are carried out has undergone a sea change. In its early days, the Internet was used solely for purposes of communication. But in recent years the role and scope of the Internet has assumed new dimensions…
Tag: Sarbanes Oxley
Relevance of the Sarbanes-Oxley Act of 2002 to the Madoff Scandal
The investment scandal perpetrated by Bernard Madoff is the largest financial fraud in the history of capitalism. It is believed that Madoff’s secretive investment advice firm caused a loss of nearly $65 billions for the 4,000 odd investors who trusted his firm with their wealth. The investors consisted of several celebrities as well as people…