Collapse of very large and influential companies

After significant fraudulent activities that led to the collapse of very large and in” rel=”nofollow”>influential companies, such as Enron, the USA in” rel=”nofollow”>introduced changes in” rel=”nofollow”>in regulations that impacted on the way organisations managed their firms. However even after these were implemented fraud was not eradicated. Indeed Allen Stanford became the second largest Ponzi scheme to be uncovered in” rel=”nofollow”>in the USA in” rel=”nofollow”>in 2009 and the case is still ongoin” rel=”nofollow”>ing.Answer the followin” rel=”nofollow”>ing:
1. Give an explanation of how a Ponzi scheme works in” rel=”nofollow”>includin” rel=”nofollow”>ing why they all eventually collapse. 5 marks 2. You are required to in” rel=”nofollow”>investigate the case of Allen Stamford and your fin” rel=”nofollow”>indin” rel=”nofollow”>ings should in” rel=”nofollow”>include the followin” rel=”nofollow”>ing: • The background to Allen Stanford, the busin” rel=”nofollow”>iness he founded and the in” rel=”nofollow”>investments he offered. • How he was able to grow his busin” rel=”nofollow”>iness unchallenged by the regulatory authorities. • Provide an explanation of how the culture in” rel=”nofollow”>inside the busin” rel=”nofollow”>iness enabled Stanford to contin” rel=”nofollow”>inue with the fraudulent activities for so long. • What eventually brought about Allen Stanford’s conviction? 70 marks 3. Although Stanford was convicted and imprisoned the case contin” rel=”nofollow”>inues. Reflect on the claims he is makin” rel=”nofollow”>ing and comment on whether, in” rel=”nofollow”>in your opin” rel=”nofollow”>inion, he is truly guilty. 25 marks

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