Question

Bernie Madoff

1. Outline the facts involves in the case you selected. Identify the cybercrime that was committed and the parties involved. Provide a definition for the cybercrime.
2. Discuss whether or not the selected case from the assigned category block was an example of cybercrimes involving a computer as the intended target or a computer as the tool to commit the criminal activity. Explain your response. (Provide an example from the case in your explanation.)
3. Assess victim vulnerabilities in this case and propose strategies to prevent similar issues in the future.

Answer 1

Answer:

Bernie Madoff was arrested in the case of Ponzi scheme. Madoff was arrested by the Federal Bureau of Investigation (FBI) on December 11, 2008, on a criminal charge of securities fraud. According to the criminal complaint, the previous day he had told his sons that his business was "a giant Ponzi scheme".

Cybercrime, also called computer crime, is the use of a computer as an instrument to further illegal ends, such as committing fraud and intellectual property, stealing identities, or violating privacy.

The case of Bernie Madoff is not associated with the cyber crime and is a case of security fraud of the Ponzi style. This case involved the security frauds where Bernie has taken money from the recent investors and has distributed as profits to the previous or old investors.

In order to prevent such crime in future, it is the responsibility of the stock exchange board that they should identify the credibility of the broking agent and should not grant the permission to those agents that are indulged in the fraudulent activities.