final draft let me know!
Posted: Mon Oct 08, 2012 1:09 pm
Being young and determined is the most dynamic combination of qualities an individual can posses. In myself, these traits take the form of an unparalleled fuel that ignites and spreads onto whatever is at hand. One steaming hot afternoon in July I found myself poring over boxes of bank account statements, credit card statements, and expense reports. I was in the process of tracing transfers, withdrawals, and deposits through accounts. Through the maze of numbers, large cash deposits, wire transfers for hundreds of thousands of dollars, fraudulent expense reports began to surface. Spending hours understanding the intricacies of each page, the numbers began to paint a clear picture of corruption and deceit. Hours into the process, I finally realized that each month $40,000 was being put into a business account for a business that only existed on paper.
This situation struck an all too familiar chord with me. In 2008, my grandfather lost his life's savings as a result of Bernie Madoff's infamous Ponzi scheme. My grandfather exemplified the American dream. An impoverished Italian immigrant, he used his inner fuel to build himself from a shoe shiner to an accomplished public accountant. He spent years frugally saving his money, putting himself through school, while building his own accounting practice. In his eighties and suffering from the debilitating effects of two strokes, the news that his life savings, the money that needed to secure his wife in her late years was gone, was what truly killed him. His condition diminished rapidly within the following months after the news of Bernie Maddoff’s ponzi scheme broke. My grandpa passed away on April 8th, 2010 with medical bills that his wife of over fifty years could not afford.
Sitting on the foldout chair in the living room of the Victorian-styled home that serves as the law firm’s headquarters, the weight of what I was looking at hit me. This was more than a laundering scheme, this was a representation of a major issue in American society; some with knowledge of technology and finances are finding new, innovative ways to exploit other. It was in that moment that my future as a lawyer cemented itself.
My boss, the founding partner of the Family Practice law firm I work for, was astounded at the depth of the laundering. We went over it for hours, calculating the numbers and coming to the same, repeated conclusion. A motion was filed the next day and after presenting this information to the court, our client, one who had been financially impaired by the defendant, finally received the financial support that was deserved to her. That day in court she turned to my boss and expressed her renewed faith in the judicial system. In this instance, justice was served.
It is this faith in the judicial process that keeps a nation functional. If people are distrustful and weary about economic and government institutions, fiscal growth will be stagnant. Through my travel and academic experiences I have realize how vital it is for people to know that justice can and will be achieved, how severely a nation’s potential can be undercut when this confidence is not present.
During my sophomore year I was given the ability to travel abroad to Cape Town and Johannesburg, South Africa to study the intersection of HIV, healthcare, and emerging economies on a first hand basis. During my time there I saw numerous volunteer organizations, health clinics, and the plight of people suffering from factors beyond their control. Most striking to me was the emphasis that South Africans placed on building sound economic institutions.
I interviewed a local entrepreneur who had grown up in a shantytown under the apartheid government. Under the contemporary, democratic government she had become an entrepreneur and developed her own bed and breakfast chain. I had the tremendous opportunity of speaking with her about her business, life and South Africa’s evolving government. In this conversation, a statement she made regarding trust reverberated with me. Speaking towards the judicial system under the apartheid government she said, “There was no trust, no trust in anything. What can a person accomplish if they have no trust that justice exists?” I remember this moment clearly because it comes to my mind every time I think about what happened to my grandfather and to the aforementioned client. The difference between having a functional and productive economy versus one that has lost the trust of the people lies in the ability to serve justice.
These experiences have ignited an interest in financial regulation and securities law, which I plan to pursue during law school. I wish to work in this field of law not only because I have felt the rush that accompanies uncovering the wrongdoings of those who chose to launder money. Most importantly, I wish to help prevent anyone from having to experience what my grandfather did, and provide opportunity for entrepreneurial growth in every aspect of the fiscal market. In today’s uncertain economic times, I believe that the point of convergence between finance and law is key in the efforts to re-stabilize financial institutions and regain the trust of disheartened public. The United States legal system exists to serve and protect its citizen. For this to be done properly it requires lawyers who are fluent in finance and financial regulations. It also requires lawyers who have a passion for being the most educated and knowledgeable on a commanding combination of law and investment.
This situation struck an all too familiar chord with me. In 2008, my grandfather lost his life's savings as a result of Bernie Madoff's infamous Ponzi scheme. My grandfather exemplified the American dream. An impoverished Italian immigrant, he used his inner fuel to build himself from a shoe shiner to an accomplished public accountant. He spent years frugally saving his money, putting himself through school, while building his own accounting practice. In his eighties and suffering from the debilitating effects of two strokes, the news that his life savings, the money that needed to secure his wife in her late years was gone, was what truly killed him. His condition diminished rapidly within the following months after the news of Bernie Maddoff’s ponzi scheme broke. My grandpa passed away on April 8th, 2010 with medical bills that his wife of over fifty years could not afford.
Sitting on the foldout chair in the living room of the Victorian-styled home that serves as the law firm’s headquarters, the weight of what I was looking at hit me. This was more than a laundering scheme, this was a representation of a major issue in American society; some with knowledge of technology and finances are finding new, innovative ways to exploit other. It was in that moment that my future as a lawyer cemented itself.
My boss, the founding partner of the Family Practice law firm I work for, was astounded at the depth of the laundering. We went over it for hours, calculating the numbers and coming to the same, repeated conclusion. A motion was filed the next day and after presenting this information to the court, our client, one who had been financially impaired by the defendant, finally received the financial support that was deserved to her. That day in court she turned to my boss and expressed her renewed faith in the judicial system. In this instance, justice was served.
It is this faith in the judicial process that keeps a nation functional. If people are distrustful and weary about economic and government institutions, fiscal growth will be stagnant. Through my travel and academic experiences I have realize how vital it is for people to know that justice can and will be achieved, how severely a nation’s potential can be undercut when this confidence is not present.
During my sophomore year I was given the ability to travel abroad to Cape Town and Johannesburg, South Africa to study the intersection of HIV, healthcare, and emerging economies on a first hand basis. During my time there I saw numerous volunteer organizations, health clinics, and the plight of people suffering from factors beyond their control. Most striking to me was the emphasis that South Africans placed on building sound economic institutions.
I interviewed a local entrepreneur who had grown up in a shantytown under the apartheid government. Under the contemporary, democratic government she had become an entrepreneur and developed her own bed and breakfast chain. I had the tremendous opportunity of speaking with her about her business, life and South Africa’s evolving government. In this conversation, a statement she made regarding trust reverberated with me. Speaking towards the judicial system under the apartheid government she said, “There was no trust, no trust in anything. What can a person accomplish if they have no trust that justice exists?” I remember this moment clearly because it comes to my mind every time I think about what happened to my grandfather and to the aforementioned client. The difference between having a functional and productive economy versus one that has lost the trust of the people lies in the ability to serve justice.
These experiences have ignited an interest in financial regulation and securities law, which I plan to pursue during law school. I wish to work in this field of law not only because I have felt the rush that accompanies uncovering the wrongdoings of those who chose to launder money. Most importantly, I wish to help prevent anyone from having to experience what my grandfather did, and provide opportunity for entrepreneurial growth in every aspect of the fiscal market. In today’s uncertain economic times, I believe that the point of convergence between finance and law is key in the efforts to re-stabilize financial institutions and regain the trust of disheartened public. The United States legal system exists to serve and protect its citizen. For this to be done properly it requires lawyers who are fluent in finance and financial regulations. It also requires lawyers who have a passion for being the most educated and knowledgeable on a commanding combination of law and investment.