Swansea Metropolitan and University of Wales Trinity St Davids

Introduction Communication within organizations is vital for full attainment of goals and objectives to enhance customer satisfaction in terms of service experience. Company interactions with customers involve applying different methods that ensure that customers’ pieces of information reach the sales department.Advertising We will write a custom report sample on Swansea Metropolitan and University of Wales: Trinity St Davids specifically for you for only $16.05 $11/page Learn More Since this communication process involves many people, it requires appropriate management to guarantee best customer service to the present and future customers. Currently, organizations are adopting the use of Customer Relationship Management (CRM) software to improve quality of their service provisions to their clients. The software helps in organizing and tracking contacts of both the present and future customers. Just as other online applications, the software minim izes logistical requirements and time wastage since all employees in every department can view a customer’s information and respond appropriately (Murray 2013). At the same time, a customer will obtain timely response from the necessary departments hence saving productive time. The Database Management System that Swansea Metropolitan University and the University of Wales: Trinity Saint Davids included in their system will ease the logistics required in communicating to and managing their students. The report expounds on the benefits that will accrue to the two institutions after adopting CRM, especially in decision-making processes. In addition, it will discuss the principles of Big Data and metrics and examines the gains that the University of Wales is likely to realise in adopting CRM. Finally, the treatise will expound on the ethical and legal implications that may face the institution for storing students’ data for future marketing purposes. Customer Relationship Management (CRM) System Organisations interact with customers in three main ways: back office operations, front office contacts, and business contacts. In marketing, business contacts is where a company’s workforce intermingles with suppliers and customers through trade associations and various industry activities (Malhotra Birks 2007). Front office contacts entail straight connections that company workers have with dealers and consumers through mails and phone messaging. On the other hand, back office operations are sequences that aid phone call and e-mailing services such as marketing, promotion, and investment relations.Advertising Looking for report on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The use of CRM pays more focus to customers thereby enabling organizations to attract and retain customers through better service provisions, understand their customers, cut cost of managing customers and increase profit maximization. For successful service provision, CRM has different components such as campaign management, sales force automation, and customer service. Further, the process allows firms to communicate to their customers on marketing activities, sell goods and services to customers, and handle after-sales service necessities for customers. Markedly, the Customer Relationship Management software stores all communications with clients as they transpire so that any company worker can retrieve it in future in case need arises. Sales force automation component eliminates instances of effort duplication hence increasing efficiency. Moreover, it expands sales opportunities for current and new customers and even makes it possible for employees not in the sales department to access customers’ recent data easily. In essence, the element improves customer services, as all employees are aware of consumers’ current contact information. When sales representatives get prospecti ve clients, they often use a given set of decisive factors that centre at a drive of attracting new businesses. In the campaign process, the targeted customers receive inducements inform of special sales terms and marketing resources (Murray 2013). This Customer Relationship Management element takes into account all promotion trends, customers’ feedbacks and ultimate scrutiny from the initiative. Elements and Benefits of CRM CRM software has enhanced levels of business-customer engagement in its ability to manage contract wins, business contacts, and client’s information (Malhotra Birks 2007). Customer Relationship Management provides organisations with customers’ business information, which enables them supply products and services that meets customers’ needs. For that reason, CRM solutions enhance customer satisfaction. Additionally, the system allows effective cross-sell, up-sell, and provision of better customer services. Notably, organisations that understand the behaviours of their clients are highly likely to attract and retain current customers in the process.Advertising We will write a custom report sample on Swansea Metropolitan and University of Wales: Trinity St Davids specifically for you for only $16.05 $11/page Learn More Advancements in technology has presented numerous challenges to companies in identifying the tastes and preferences of a target market and completely altered consumers buying behaviours thus forcing them to use new ways of reaching their present and prospective customers. An effective CRM solution helps business leaders in making prudent and insightful decisions. At the University of Wales: Trinity St Davids, the management will be able to understand the nature and dynamics of their students. For instance, the management will be able to save data of students applying for first year courses thus offering effective platforms for the academics department to identify the st udents’ potentials and levels of interest in allocating the courses. Further, since the software allows for real time access of data in the dashboard, the university will be at an advantaged position to make right decisions at the right time. A marketing decision-maker having customers’ data at real time is able to monitor expected performances versus the actual results thus driving the marketing return on investments (Galligan 2012). The University will be able to process students’ requests and complaints in real time through the CRM dashboard. Evidently, the software reduces the costs of addressing students’ concern, as the administration will easily identify better processes at the contact centres. It makes student management easy since the administration can solve students’ issues on their first call given more in-depth data on the dashboard. Students’ service provision within the university will be quick and timely given that the admini stration will have students’ data in real time and even mitigate potential threats to students’ satisfaction. The CRM system will also improve the rate at which the university will carry out course-selection for the new students, which will enable it gain competitive advantage over other institutions in Wales and England. When the university departments are able to work together, they will not only have great insights into the objectives of the institution but also develop effective marketing strategies (Wilson 2006).Advertising Looking for report on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Principles of Big Data and metrics Businesses that can handle Big Data are more likely to be competitive than their competitors who cannot (Hayes 2012). This concept involves bringing together vast quantities of data, analyzing and processing them to extract valuable information. When Swansea Metropolitan University and the University of Wales: Trinity Saint David merged, it is evident that there are abundant data that need re-organization and analysis for the benefit of the institutions. Since the two institutions have different management systems, data integration into a single system will be a challenging task, but through data federation and information integration, it will be possible. Here, data reside where they have been, instead of moving them to other applications. Big data involves fast analysis of varied and massive data that reflect on reality to gain the trust of other users. One has to understand first the reasons for acquiring Big Data. In other words, one has to kno w its importance and substantiate how he/she intends to extract valuable information from Big Data. This process will enable one to make substantial decisions regarding the functions of a business. For effective communication, a well-engineered and harmonised reporting system that removes information overload that can cause confusion for users is necessary. Data minimization is also a key principle of Big Data. This principle ensures that everybody get full data that they need for their work and not in excess of that (Hayes 2013). Data protection prevents exploitation and accessibility by unauthorised parties. Data in the university’s database are extremely sensitive and requires maximum protection for use in a specified purpose. In addition, a functional reporting system where the validity of information is not in doubt and set operational goals maximise customer satisfaction. For better services, organisations need to train their employees so that they can answer customersà ¢â‚¬â„¢ questions successfully. The process of data integration should be customer-centred to enable organisations create impact on their customers. In higher education, Big Data can focus on areas of student progress, institutional finance and budgeting, and resource optimisation. Benefits of Big Data to the University The University of Wales: Trinity St Davids stands to benefit immensely from developing Big Data Networks. For instance, the collected data will assist in addressing strategic issues, such as institutional finance management and budgeting. When the university hosts data at one point all employees can access it thus enhancing accountability and transparency in areas where funds are used. As a result, the university’s overall management will have clean sheets on financial management hence making it register positive image to current and prospective students. Other areas that the institution will preserve its data include enrolment management, progress of strategi c plan, student learning, library, research advancement, procurement and faculty teaching and research performance. The University of Wales: Trinity St Davids will also be able to understand the demographics and behaviours of its students, as all students will be in the Database. Notably, the entire university department will have full access of students’ details, such as characters, ages, religious affiliations, and nationalities. Essentially, the development will assist the institution in monitoring its students with ease. Additionally, Database Management System will benefit the university by optimising use of resources. This is possible since all departments will be monitoring and evaluating the expected results from all resources within the institution. Scrutiny of resources across all university departments will improve the usability and productivity of resources (Javalgi, Martin Young 2006). The initiative will also enable the university to recruit many students at ag o, as the process will not only automate all courses but also improve the relationship between new students and the university administration. In sum, the system will increase the efficiency and effectiveness of the university services. Ethical and Legal Issues In attempting to use customers’ data in marketing, the University of Wales: Trinity St Davids will be contravening the policy of individual privacy (Chisnall 1997). Since the institution may apply business-to-consumer marketing as a way of enticing other students to join its courses, the privacy concern is less clear on the context of internet development. Personal data like address, social security numbers, age, likes and dislikes are key concerns to customers. In the UK, the revised 1998 Data Protection Act helps in protecting personal data and marketers ought to be consistent with privacy law whenever they are marketing their products and services via the internet (Ethical Constraints n.d.). In addition, the Univers ity of Wales: Trinity St Davids will not be able to control those who will access the data, as it will be difficult to identify end-users. However, the institution can plant cookies in on the end-users computers to enable websites identify them. The university should also get the consent of the students to transfer data ownership to third parties. On the legal front, citizens expect their personal data and resources to keep them safe and secure. The Data Protection Act (DPA) assists in giving evidence in a legal proceeding involving unlawful sharing of personal data. The university will have to document the need for sharing data with other prospective consumers, information to share and the means of sharing it to avert situations of privacy violations (Ethical Constraints n.d.). Since the Welsh Government encouraged the need for higher institutions to adopt CRM, this does not guarantee the university to share customers’ information under a public sector as per the provisions of section 22 of the DPA. Conclusion The university’s option of adopting the use of CRM in its services presents numerous benefits its ways of handling students’ services and in its overall management. For long-term benefits, the institution should use widely packaged customer database management software applications since they are flexible and indispensable in meeting current marketing needs (Myers 2013). Moreover, rapid and flexible software will increase the security of customers’ data thus enhancing clients’ loyalty to the institution. On marketing, the university should comprehend the provisions of the DPA to help it in differentiating between readily available data and others that are under copyright protection. References Chisnall, P. 1997, Marketing research (5th ed.), McGraw-Hill, London. Ethical Constraints, Internet Studies.  Web. Galligan, F. 2012, Altmetrics for Librarians and Institutions: Part II, Content Management Services for Librarie s and Publishers. Web. Hayes, B. 2012, Big Data has Big Implications for Customer Experience Management | Business Over Broadway, Business Over Broadway: Transforming Business Through Customer Insight. Web. Hayes, B. 2013, Big Data has Big Implications for Customer Experience Management, The Big Data Hub | Understanding big data for the enterprise. Web. Javalgi, R., Martin, M., Young, R. 2006, ‘Marketing research, market orientation and customer relationship management: a framework and implications for service providers’, Journal of Services Marketing, vol. 20. no. 1, pp. 12-23. Malhotra, N. K. Birks, D. F. 2007, Marketing research: an applied approach (3rd ed.), Prentice Hall/Financial Times, Harlow, England. Murray, M. 2013, Customer Relationship Management (CRM), Logistics. Web. Myers, R. 2013, Legal and Ethical Issues in Obtaining and Sharing Information, Morris, Manning Martin, LLP.  Web. Wilson, A. M. 2006 Marketing research: an integrated approach (2nd ed.), Prentice Hall/Financial Times, Harlow, England. This report on Swansea Metropolitan and University of Wales: Trinity St Davids was written and submitted by user Duncan Mccall to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Ethics In Business Essays - Ethics, Applied Ethics, Business Ethics

Ethics In Business Essays - Ethics, Applied Ethics, Business Ethics Ethics in Business From a business perspective, working under government contracts can be a very lucrative proposition. In general, a stream of orders keep coming in, revenue increases and the company grows in the aggregate. The obvious downfalls to working in this manner is both higher quality expected as well as the extensive research and documentation required for government contracts. If a part fails to perform correctly it can cause minor glitches as well as problems that can carry serious repercussions, such as in the National Semiconductor case. When both the culpable component and company are found, the question arises of how extensive these repercussions should be. Is the company as an entity liable or do you look into individual employees within that company? From an ethical perspective one would have to look at the mitigating factors of both the employees and their superiors along with the role of others in the failure of these components. Next you would have to analyze the final ruling from a corporate perspective and then we must examine the macro issue of corporate responsibility in order to attempt to find a resolution for cases like these. The first mitigating factor involved in the National Semiconductor case is the uncertainty, on the part of the employees, on the duties that they were assigned. It is plausible that during the testing procedure, an employee couldnt distinguish which parts they were to test under government ezdards and commercial ezdards. In some cases they might have even been misinformed on the final consumers of the products that they tested. In fact, ignorance on the part of the employees would fully excuse them from any moral responsibility for any damage that may result from their work. Whether it is decided that an employees is fully excused, or is given some moral responsibility, would have to be looked at on an individual basis. The second mitigating factor is the duress or threats that an employee might suffer if they do not follow through with their assignment. After the bogus testing was completed in the National Semiconductor labs, the documentation department also had to falsify documents stating that the parts had surpassed the governmental testing ezdards. From a legal and ethical ezdpoint, both the testers and the writers of the reports were merely acting as agents on direct orders from a superior. This was also the case when the plant in Singapore refused to falsify the documents and were later falsified by the employees at the have California plant before being submitted to the approval committees (Velazquez, 53). The writers of the reports were well aware of the situation yet they acted in this manner on the instruction of a supervisor. Acting in an ethical manner becomes a secondary priority in this type of environment. As stated by Alan Reder, . . . if they [the employees] feel they will suffer retribution, if they report a problem, they arent too likely to open their mouths. (113). The workers knew that if the reports were not falsified they would come under questioning and perhaps their employment would go into jeopardy. Although working under these conditions does not fully excuse an employees from moral fault, it does start the divulging process for determining the order of the chain of command of superiors and it helps to narrow down the person or department that issued the original request for the unethical acts. The third mitigating factor is one that perhaps encompasses the majority of the employees in the National Semiconductor case. We have to balance the direct involvement that each employee had with the defective parts. Thus, it has to be made clear that many of the employees did not have a direct duty with the testing departments or with the parts that eventually failed. Even employees, or sub-contractors, that were directly involved with the production were not aware of the incompetence on the part of the testing department. For example, the electrical engineer that designed the defective computer chip could act in good faith that it would be tested to ensure that it did indeed meet the required government endurance tests. Also, for the employees that handled the part after the testing process, they were dealing with what they believed

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Music Piracy - Research Paper Example The purpose is to misguide the customer that he or she is buying the original recording (Indian Music Industry, â€Å"What is Piracy?† par. 2). These are unsanctioned copies of music from genuine recordings for profit gain. Pirated CDs or music cassettes are named as Top Ten, Hollywood Hits or a combination of hit titles of various music companies. The pirated copy looks different than the original commercial release (Indian Music Industry, â€Å"What is Piracy?† par. 3). This is recording, copying, and selling of a musical performance like a live concert or broadcast without the authorization of the artist or the music company holding all copyrights of it (Indian Music Industry, â€Å"What is Piracy?† par. 4). End User Piracy – It is related to duplicating of software either from one computer to another, copying office software to home computer, borrowing software to make copies for selling purpose (Indian Music Industry, â€Å"What is Piracy?† par. 5). Reseller Piracy – It is deliberate reproduction with fake certificates for cheating the buyers assuming that they have purchased from the developing company (Indian Music Industry, â€Å"What is Piracy?† par. 6). Internet Piracy – Peer-to-peer (P2P) downloading encourages internet piracy. Individual requests for not sharing licensed material are not adhered to. It is illegal to copy a copyrighted album on P2P service. Downloading MP3s becomes infringement when files are distributed after conversion to MP3 from CDs (Indian Music Industry, â€Å"What is Piracy?† par. 7). The issue of music piracy can be related to the pre-digital age of 1970s when there were legal altercations between the owners of copyrights of films and music and suppliers of technology. In one such case between Ames Records and CBS, legal action was taken by CBS for infringement on its copyrights by Ames permitting subscribers to hire records on rent. Again in 1980s CBS took legal proceedings against

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CASE STUDY SUMMARIES - Essay Example To guard against this, concrete bored piles were installed at the cliff-facing side of the road. This is then tied to anchor blocks with pullout being prevented by tension piles. A developed unprotected coastline is subjected to coastal retreat and landslide instability. The combined action of cliff erosion and collapse together with the flow of groundwater from high levels to the sea is triggering landslide reactivation. Coastal protection is limited by environmental sensitivity of the site. There are two requirements for the project: to arrest recession of the cliffs and reactivation of the landslide system and to improve the stability of the coastal through an intensive drainage system. For the first requirement, a rock armor revetment was chosen. For the second problem, a deep pumped well solution using siphon and electro-pneumatic systems. The project involves a developed coastal town threatened by existing coastal defense, landslide reactivation and coastal recession. Coastal erosion by wave action, earth slippage due to rainfall & groundwater, inappropriate excavation and construction and climate change have ultimately resulted to the reactivation of landslide complexes. Due to the severe consequences if the problem was left unchecked, an extensive program of land stabilization and foreshore works was undertaken. Different strategies were used including reinforced slope buttresses, soil nails, pile grids, slope regarding, drains, seawall improvements and beach replenishment. A developed coastal town is experiencing deterioration of coastal defenses with previously installed stabilization measures such as cut-off drain have all but failed. Nevertheless, the cliff top assets are not foreseen to be affected for several years making coastal protection measures not warranted for the time being. Only monitoring and investigations of the ground and rainfall are the actions being undertaken. Aside from

Literary analyses Essay Example | Topics and Well Written Essays - 500 words

Literary analyses - Essay Example As such, the scholar has the responsibility to deeply consider what they say and the ideas which they will put their name to. They need read deeply and talk deeply to as many people as possible. Their opinion is so important that they have a responsibility to learn about the world. This was something that Emerson understood very clearly. Emerson is especially wise when he talks about the relationship between the spirit and nature: But the final value of action, like that of books, and better than books, in, that it is a resource. That great principle of undulation in nature that shows itself in the inspiring and expiring of the breath; in desire and satiety; in the ebb and flow of the sea; in day and night; in heat and cold; and as yet more deeply ingratified in every atom and every fluid, is known to us under the name of polarity—these â€Å"fits of easy transmission and reflection,† as Newton called them, are the law of nature because they are the law of spirit (Self-Reliance). Uelan is no Emerson. Her argument is that everyone has their own experiences and these are important to understand. We should respect everyone’s opinion. Because each of us is different from one another, we can learn something from everyone. Emerson would definitely disagree with this foolish perspective. Not all opinions are created equally. Some people are smarter than others and know more. The truth is that some people have very limited lives. If we wasted our time listening to them, we would miss out on all the good stuff out there. That is where her opinion fails: she doesn’t understand the importance of time. We must prioritize who we listen to because we don’t have time for everyone. Frankly, I think we don’t have time to listen Uelan. In part the foolishness of her opinion may explain why so many of the relationships in her life were

Does Democracy Address Insecurity?

Does Democracy Address Insecurity? Democracy effectively addresses insecurity. Do you agree, why or why not? Democracy does, and does not effectively address insecurity, in some aspects it curbs it, in others it accelerates it. Consequently, this minor essay will examine avenues in which democracy addresses and fails to effectively address insecurity. It will conclude that despite the short-term pitfalls of transitioning to democracy, and the dangers of democratic governance without a strong institutional foundation with strong checks and balances, that it has the long-term potential to effectively address insecurity both within and outside a States borders. Regardless of whether established democracies provide stability, transitional democracies often create a large amount of instability, especially when converting from a more authoritarian political system, and generally experience their worst period of instability during this juncture.[1] A lack of unity and cohesion can cause greater domestic instability for a population within the short-term, aside from an increased likelihood of war with other States, during this period large scale ethnic cleansings may occur.[2] As democracies are traditionally linked with a primary ethnicity, a purge has a likelihood of occurring before a strong institutional democratic base can form, often against ethnic groups who refuse to assimilate with society, as well as individuals linked to previous political administrations. Ironically however, whilst democracy can create much greater instability for a state in the short-term, in the long-term this political system can potentially create very strong and politically stable governance for the State.[3] This can be demonstrated in the prominent military, economic and cultural role the United States plays in contemporary society today, despite engaging in the mass extermination of Native Americans only a century prior.[4] Democracies which do manage to establish themselves and overcome their shortcoming during the transition period can effectively address instability, both domestically and internationally, however there are severe limitations which can inadvertently result in greater instability also being formed if not implemented effectively. Theoretically capitalist States are very effective at addressing insecurity, domestically they can help alleviate income inequality among their poorer citizens, and internationally they help formulate economic interdependence between States.[5] Whilst bilateral trade is not always from an equal economic standing, with one side often more dependent on the other, such as in the case between China and Taiwan, when two States are of similar economic standing it can prove a great stabilising factor in preventing conflict.[6] This is evident in the lack of open conflict between the USA and China in decades.[7] As economies of this magnitude continue to intertwine, avoiding conflict and instability between them becomes increasingly in their interests. Other theoretic models, such as the Liberal Democratic Peace Theory argue further points where even greater stability can be gained under democratic governance, considering that there is a historic precedent of democratic states not going to war with one another.[8] However, there are also aspects of this theory which highlight how democracies can result in greater instability occurring internationally, as democratic states can ironically themselves create new wars in the process of spreading democracy throughout the world, trying to force it through non-peaceful means on States who are either unwilling or unprepared for such massive political change.[9] This results in a world of democratic states seeking perpetual peace through perpetual war, leaving the world itself in a constant state of instability.[10] Domestically democracies can provide other major avenues of stability for the State, one of the most prominent being the division of the Executive, Judiciary and Legislative branches of government into separate branches independent from one another.[11] The establishment such a comprehensive system of checks and balances can ensure the moderation of power of appointed officials and their political parties, and ensure that they operate within the law.[12] The effectiveness of such a process can be seen in U.S President Donald Trump, with his controversial executive orders on implementing travel bans for foreign individuals being blocked by the judicial branch of government because they were found to be unconstitutional.[13] However, the greatest strength and weaknesses of democracies in addressing insecurity lies within having an inclusive political process, with a sense of inclusion encouraging non-violent solutions to political issues.[14] An example of this can be seen in the Provisional Irish Republican Army, the main nationalist group involved in the troubles in Northern Ireland in the 20th century, who ceased their armed campaign in large part because of the political concessions provided to them in the 1995 Good Friday Agreement, which allowed them a platform to continue their struggle for independence through non-violent channels.[15] Consequently, the ability of democracy to promote change in the government and political system without having to resort to any form of political violence is one of the greatest stabilising factors which democracy can provide a State, so long as an inclusive attitude is maintained. However, whilst democracies are meant to promote inclusion, in certain States a tyranny of the majority culture exists, wherein no attempt is made by the ruling party to govern all their citizens equally and achieve national unity for its supports and detractors, who may be ideologically polarised based around ethnicity, religion, language or self-identity.[16] Such exclusion from the political process can enflame tensions between various groups within a State and result in these excluded groups emigrating, resulting in a depleted workforce, or in more extreme cases, developing a complete disenfranchisement with the political system, taking up arms against the State and plunging it into further instability.[17] Henceforth democracy possesses the potential to create stability within a States borders so long as strong institutional foundations are in place with comprehensive checks and balances and a healthy electoral system which promotes inclusion over alienation.   However, it is often not effective at addressing insecurity within other States borders when trying to spread its political model to states either unwilling or unprepared for political change through violent means. In States, which are transitioning to democracy, even if done so via peaceful means, short-term instability will likely occur within the State, however if they endure the process the potential long-term stability which the State can gain can prove timeless.

Insurance Fraud :: essays research papers fc

Insurance Fraud   Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Insurance Fraud is becoming one of the top forms of fraud in America. Martin Frankel owned several mansions, luxury cars, and diamonds. He lived a life of complete luxury. A life of luxury that was paid for with money stolen through insurance fraud. Martin Frankel is one of the major contributors to insurance fraud. He constructed a scheme to embezzle over 200 million dollars from insurance companies in several states across the U.S. He began his first minor case of insurance fraud in 1986 and was not convicted until 2002 for insurance fraud, racketeering, and money laundering. Throughout his â€Å"career† he learned new ways to embezzle money and began to master the art of insurance fraud.   Ã‚  Ã‚  Ã‚  Ã‚  Insurance fraud cost Americans billions of dollars every year as higher premium. It is viewed as mostly as a white-collar crime but it can come in many different forms. People who usually commit these kinds of frauds are motivated by greed for necessity or seeking wealth and luxury. This may have been the case with Martin Frankel as stated by the prosecutors â€Å"he was motivated by greed, sexual desire and a lust for the high life: a mansion in Greenwich, fancy cars, diamonds the size of nickels, and several girlfriends†. In 1986 convince a businessman named Douglas Maxwell to join him in etablishing the Frankel Fund. The Frankel Fund was an investment partnership in which the limited partners had to invest at least $50,000 each. In 1991 the Frankel Fund failed and the Securities and Exchange Commission banned him from dealing with securities business for life. After that he using false names he set up the Creative Partners Fund LP. This fund was another scam like the Frankel Fund but the minimum investment was only $10,000 and it spread through a much broader base of investors. He and his partner Sonia Schulte formed a thunor trust to purchase insurance companies that where in financial trouble.   Ã‚  Ã‚  Ã‚  Ã‚  Martin Frankel made his millions from keeping the very large reserves from the purchased insurance companies and spending it for luxuries instead of investing it and buy securities. He built a large false insurance empire through using the reserves to buy more and more insurance companies and then transferring the money from company to company to look as if the money remained untouched. He called his scheme the Ponzi scheme after Charles Ponzi who became rich from a pyramid scheme.