{"id":{"repo_id":"vt","oai_identifier":"oai:vtechworks.lib.vt.edu:10919/89486"},"canonical_url":"https://search.dev.ndltd.org/etd/vt/oai:vtechworks.lib.vt.edu:10919/89486","repository":{"repo_id":"vt","name":"Virginia Tech","base_url":"https://vtechworks.lib.vt.edu/oai/request"},"display":{"title":"Madoff Madness: A Textual Analysis of the SEC's response to the Madoff Ponzi Scheme","abstract":"On December 11, 2008, the financial world was in a panic as the United States Securities and Exchange Commission (SEC) announced the arrest of Bernard L. Madoff of Bernard L. Madoff Investment Securities, LLC, for orchestrating a $65 billion Ponzi scheme. An investigation took place into Madoff's practices, and as a result, it was revealed the SEC failed to catch Madoff years earlier as a result of its business practices. After this became known, the SEC faced reputational harm. This qualitative analysis seeks to discover through identification and analysis of themes and sub-themes of response strategies, the extent to which the SEC applied Situational Crisis Communication Theory (SCCT) in its crisis response, in order to examine SCCT's merit as a theory in government crisis communication research. This study also offers additional response strategies imposed by the SEC to suggest further expansion of SCCT in a government context.","abstract_html":"On December 11, 2008, the financial world was in a panic as the United States Securities and Exchange Commission (SEC) announced the arrest of Bernard L. Madoff of Bernard L. Madoff Investment Securities, LLC, for orchestrating a $65 billion Ponzi scheme. An investigation took place into Madoff's practices, and as a result, it was revealed the SEC failed to catch Madoff years earlier as a result of its business practices. After this became known, the SEC faced reputational harm. This qualitative analysis seeks to discover through identification and analysis of themes and sub-themes of response strategies, the extent to which the SEC applied Situational Crisis Communication Theory (SCCT) in its crisis response, in order to examine SCCT's merit as a theory in government crisis communication research. 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Madoff Investment Securities, LLC, was charged by the United States Securities and Exchange Commission (SEC) for his role in a $65 billion fraudulent scheme. During an investigation into Madoff’s business practices, it was revealed that the SEC overlooked many red flags that could have caught Madoff years earlier. As a result, the SEC faced reputational harm. This study examined the SEC’s crisis response to the public following the news of Madoff’s arrest by applying a crisis communication theory to discover “best practices” for government agencies when dealing with a preventable crisis. 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