Ethics and Social Responsibility Essay

Words: 9514
Pages: 39
Open Document
Running Head: THE ETHICAL AND LEGAL IMPLICATIONS

The Ethical and Legal Implications of the University of Miami Ponzi Scheme

Abstract
The University of Miami case was one of the biggest financial scandals in the past year. Former UM Football Booster, Nevin Shapiro, orchestrated a $930 million Ponzi scheme, with which numerous NCAA rules were violated. Shapiro allegedly provided cash, goods, prostitutes, assorted favors and on one occasion, an abortion to University of Miami football players. This paper will examine the various legal and ethical implications involved in this case, including an analysis of the university’s social responsibility, and an overview of the scandal in terms of three ethical theories: utilitarianism, Kant’s …show more content…
In fact, when two Boston officers went to arrest him, Ponzi actually charmed them into investing. He was finally arrested in 1929, a few weeks before the stock market crashed. Convicted, he served about 13 years in federal prison (Jackson, D., 1993).
A Ponzi scheme generally begins by word of mouth. A promoter starts with friends and relatives, then their friends and relatives. Every month the initial investors receive checks with the promised rate of return. They show the checks to others, urging them to "get in on this and make some money" (Jackson, D., 1993). Ponzi scheme organizers often solicit new investors by promising to invest funds in opportunities claimed to generate high returns with little or no risk. Many Ponzi scheme organizers focus on attracting new money to make promised payments to earlier stage investors and to use for personal expenses, instead of engaging in any legitimate activity.
Present: Nevin Shapiro
Fast forward to today. As a result of his money laundering, Shapiro has been in federal custody since his surrender to FBI and Internal Revenue Service (IRS) agents in April 2010. Shapiro used Capitol to solicit approximately $930 million between January 2005 and November 2009 from individuals who believed they were investing in Shapiro’s grocery distribution business (CEO of capitol, 2007). Shapiro admitted that Capitol had virtually no income-generating business during that time, and that he used new investor funds
Show More

Related Documents: Ethics and Social Responsibility Essay

Ethics And Social Responsibility

Ethics and Social Responsibility Successful companies have well established code of ethics. Members of an organization with high ethical standards are held to these standards, including the decision makers responsible for making strategic plans that affect the organization and its surrounding communities. Maximizing shareholder wealth should not be the only priority when developing strategic plans. However, an organization will need to generate revenues to be profitable and successful. Ethics and…

Words 881 - Pages 4

Essay Ethics: Ethics and Social Responsibility

Ethics and Social Responsibility University Of Phoenix ETH September 2, 2012 Ethics and Social Responsibility Social responsibility is an ethical theory, in which individuals are accountable for fulfilling their civic duty; the actions of an individual must benefit the whole of society. In this way, there must be a balance between economic growth and the welfare of society and the environment. If this equilibrium is maintained, then social responsibility is accomplished. The theory of social…

Words 366 - Pages 2

Ethics And Social Responsibilities In Management

A Role of Ethics and Social Responsibilities in Management. Ethics can be defined as a process of evaluating actions according to moral principal of values(A.Alhemoud). Throughout the centuries people were trying to choose between profit and moral. Perhaps, some of them obtain both, but every time it could have roused ethical issues. Those issues concern fairness, justice, rightness or wrongness; as a result it can only be resolved according to ethical standards. Setting the ethical standards…

Words 1180 - Pages 5

Ethics and Social Responsibility Essay

Ethics and Social Responsibilities Randall Blow PHL/320 July 14, 2016 Lela Dennis Ethics and Social Responsibility Responsibility is an act whereby an individual or organization is accountable for an action done. An individual or organization ethical responsibility is to act, recognize and interpret on certain values and principles according to given standard that exist in a locality or context (Treviño, et al., 2014). What type of behavior do ethics determine that is acceptable in…

Words 1224 - Pages 5

Introduction To Ethics And Social Responsibility

Tavia Carelock Amanda Eaton Intro to Ethics & Social Responsibility July 29 2014 The question that people are asking every day is media playing a responsible part in our society? The role of the media is to report the news and relay information as it happens. Almost everyone you know listens to the news either from radio, television, and or even just reading news online. Just like anyone you expect the news to provide you with accurate information. A few others ways that people expect the…

Words 1570 - Pages 7

An Introduction To Ethics And Social Responsibilities

Introduction to ethics and social responsibility August 13, 2012 The ethical treatment of prisoner in the United Sates have been a hot topic for many years, and it wouldn’t be surprised to hear every few months about another case taken on by a civil right group to help receive justice for those prisoners who have fallen in between the strict guides set by the department of corrections in the United States. Over the last few decades, the rights and treatment of prisoners has changed to become…

Words 2410 - Pages 10

Ethics: Ethics and Corporate Social Responsibility Essay

things. The old man who cheat the enthusiastic young man also considered unethical. How pathetic this situation is! Ethical leadership and corporate social responsibility are gradually important in modern society. There are a lot of hard competitions between different corporations worldwide. The Ethical leadership and corporate social responsibility cause all the attention from every part of society. In my own perspective view,…

Words 689 - Pages 3

Ethics: Morality and Social Responsibility Essay

Ethics Reflection Paper STR/581 February 11, 2013 Brian Rowland, MBA Ethics and social responsibility play an important part in the value belief system of individual. In the business…

Words 558 - Pages 3

Ethics: Discrimination and Social Responsibility Essay

“And each of us can practice rights ourselves, treating each other without discrimination, respecting each other's dignity and rights.” – Carol Bellamy The Declaration of Independence states "All men (women) are created equal" and that "Every person has the right life, liberty, and pursuit of happiness." In Thomas Jefferson's words, the Declaration was written, "In order to place before mankind the common sense of the matter in terms as plain and simple as to command their assent." The Declaration…

Words 1484 - Pages 6

Introduction to Ethics and Social Responsibility Essay

CARLENE BYRD Introduction to Ethics & Social Responsibility Instructors name: Stacy Hiles 02/20/2012 My topic is on discrimination of ones color of skin. It is not right for one to judge another based on the color of their skin. These days people are still prejudice against one another over the fact they are not the same color. Who is one to say they are any better or superior to another based on this . Yes…

Words 1628 - Pages 7