No Bail For Nicholas Cosmo Due To Ponzi Scheme

here is something that I haven’t heard of before, it’s called a ‘Ponzi Scheme’, which is basically a scam. You can read all about the Ponzi Scheme on Wikipedia.

It looks like Nicholas Cosmo the owner of a New York investment firm has used this scheme to dupe people out of $370 million US. Pretty rough considering the financial stress so many people are suffering because of the economic meltdown.


[eminimall]

Reblog this post [with Zemanta]

This Post Has 5 Comments

  1. Mitch

    Dude, you should be reading my finance blog, because I wrote all about Ponzi schemes on it in talking about Madoff. This other guy is just the latest version, as it seems there’s some other folks who have been arrested for the same thing.

    Mitchs last blog post..When Insurance Companies Don’t Pay

    1. Sire

      Dude, you must remember that I am only one man, and as such there is only so much that I can do. :tongue1_tb:

      I do recall actually visiting that blog and even leaving a couple of comments, but that particular post eluded me.

      Anyway, for those of you who are interested in visiting a very well laid out and straightforward Finance Blog you should check out Mitch’s Top Finance Blog!

  2. Sire

    Shucks, twernt nothin’.

    I’m not sure if that is right, but I remember hearing something of the sort on an old movie.

    As for the economy, sure it sucks but there are pretty good opportunities for making money of you do it right. I am using a technique, which I mentioned on one of your blogs, in regards to share trading and so far it is working pretty well. I may have to do a post on my Sbizztech blog.

    1. Mitch

      So, have you ever done this post you talked about above? I have to say that, other than blogging, I’m missing out on some of these other methods of making money these days. My stocks have virtually crashed; so much for retirement.

Leave a Reply