Bernie Badoff case
Bernie Badoff works in a high stress job on Wall Street.
Because of the downturn of the economy, Bernie’s commissions have decreased by
nearly fifty percent over the past year and Bernie has fallen behind on his
mortgage payments on his summer cottage in the Hamptons. Bernie received a
notice from the bank that foreclosure proceedings would commence if he did not
make a payment of $240,000 before the end of the month. Bernie knew he could
not come up with this kind of cash, so he devised a plan to “borrow”
the money from his company. Bernie was a whiz on the computer and transferred
$250,000 from several clients’ accounts without their knowledge. He planned on
returning the money within 90 days, as he knew a quarterly audit would uncover
the missing funds.
Bernie’s plan worked perfectly and he secured the funds and
made the required payment to keep his home in the Hamptons. Bernie was just
days away from returning the funds to the company, when an IT manager
discovered what Bernie had done. The authorities were immediately called and
Bernie was escorted out of work in handcuffs.
(A) What business crime(s), if any, would you charge Bernie
with? Please support your answer by discussing the elements of the selected
crime(s).
(B) What rights would Bernie have in the criminal justice
system (i.e. Fifth Amendment self-incrimination)? Please select one such right
and argue why you think law makers have chosen to provide that right to
defendants?
ScholarMatic: Explanation & Answer
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