Nichsolas Cosmo

When it comes to the United States current economy, I think it is fair to joint that we are not at our finest moment. The past several years have not exactly been easy for a gang of people in this sylvan. Almost all of the reason this country fell into this economic crisis started when banks started lending money to people who could not meet the standard requirements for a mortgage, in the early 2000s. once these loans that people couldnt afford started to go into default, the banks started to fail. The government stepped in at this point and began bailing out the banks. The financial markets on groyne Street were starting to weaken at fast rates. quite a little started to worry about their money they had dowered in various slipway and so requested from brokers or whomever, their money back. As period went on and on and investors kept squeezeting the run around, legion(predicate) people began to worry informing the appropriate authorities to explode an investigation. These investigations revealed many businesses that were fraudulent investment firms, with the most notorious creation Bernie Madoff.(Forbes.com) Bernard L Madoff Investment Securities LLC became known as the biggest Ponzi Scheme ever.



sise months after Bernie Madoff was exposed, an new(prenominal)wise man was being arrested out on Long Island for the same kind of scheme; using other peoples investment money to pay other customers returns on their investments. His name is Nicholas Cosmo and he would come to fraudulently invest 179 million dollars of 4,000 peoples investments and life savings creating a 400 million dollar Ponzi Scheme.
Nicholas Cosmo was born and raised in a small suburb on New Yorks Long Island called Wantagh. He was born to middle class parents and lived what he called a very normal childhood. He was an athlete in his youth playing soccer and baseball. While in naughty school, he developed a gambling habit that he couldnt control. Once it became apparent that he had a problem, he started attending Gamblers Anonymous, a support...If you want to get a full essay, order it on our website: Orderessay



If you want to get a full essay, wisit our page: write my essay .