What I'm hearing is "avoiding the ire of the SEC is relatively easy" because "Bernie Madoff."
IMO that is naive. He is an outlier. Sort of like saying committing mass acts of terrorism is easy because 911.
IMO that is naive. He is an outlier. Sort of like saying committing mass acts of terrorism is easy because 911.
I can't find it now, but I do recall the SEC itself putting the number of frauds they uncovered in the low single digits. I might ask my SEC friend himself what percentage of the iceberg he thinks is uncovered.
The point is, fraud is risky, and it isn't easy. You basically have to be willing to give up your life as you know it. Sometimes I wonder whether fraudsters have an internal dialogue about whether it is worth the risk. And for the fraudsters who aren't psychopaths the guilt of defrauding friends and people who trust you must be enormous. Sounds like a stressful day job that I won't ever be entertaining.