Effects of The Bernard Madoff Scandal (cont.)Loss of investments
Loss of jobs
Inability to pay loans.
White collar crimes have a devastating ripple effects as most of the employers in the organization lost their jobs. Most individuals were out of job after the company collapsed. The situation was devastating to investors who were unable to pay out their loans. The savings accounts of innocent employees and businesses were ripped out. The true impact of the crime could not be ascertained as some information could not be easily retrieved.