Confidence trick

Introduction The purpose of this research paper is to consider the ethical issues related to the business operations of Agape World, Inc. and its founder Nicholas Cosmo. Nowadays, it seems the story of the failed “Ponzi” scheme seems to be the inescapable in the national news. From Bernie Madoff, Kenneth Starr to Nicholas Cosmo, we are inundated with stories of the collapsed financial scheme. Unfortunately, the stories worthy of broadcast news represents a fraction of the actual convictions by the Securities and Exchange Commission. The term “collapsed” is more accurate than failed” as “failed” infers that there was a chance of financial viability. To begin, we will consider the term “Ponzi” and its origins in the American investment world. Next, we will review the math of a “Ponzi” scheme and its true financial viability. After, we will consider the business operations of Agape World, Inc. followed by a brief biography on its founder Nicholas Cosmo. Subsequently, we will consider the ethical implications surrounding “Ponzi” schemes and specifically those of Agape’s World, Inc.’s operations. Finally, we will explore what, if anything, investors and regulators could do to stem the growing tide of Ponzi schemes in America. Ponzi Scheme: What’s a Ponzi? Its seems, more and more, we are hearing of Ponzi schemes in the news. What is a Ponzi, and moreover, what it a Ponzi scheme? As defined by Merriam Webster, a “Ponzi Scheme” is an investment swindle in which some…

Jeffery locker is a notable motivational speaker with a self-help guide. For this reason, he co-authored a book called, "Teachings for a new world." The book speaks of human potential. It teaches methods of connecting with your loved ones. Obviously, Locker is a man of his word and took his own advice. Later, Locker went on to give a multitude of sermons on how to handle workplace stress. Locker was an adamant speaker on how success is built on hard work. He stated in one of his lectures, “Do…

The Bernard Madoff Ponzi scheme was indeed a despicable intractably woven web of deception. He swindled millions of dollars from both the rich and the struggling middle class for more than 50 years. Madoff was money driven to the point that not even his friends and family was speared from his lies. People are driven by money, therefore, there will always be crimes as a result of the pursuit of this most tempting symbol of wealth. However, this is also the reason authority institutions are…

just the beginning of the fraud schemes that untangled around Antar. His initial crime spree is broken into three phases. The first phase occurred from 1969 to 1979 when Antar was under-reporting income before he took the company public. This phase was considered tax fraud and skimming. The next phase took place from 1980 to 1984, in this phase Antar gradually reduced skimming to make a larger profit growth in order to take his business public. This phase is known as the securities fraud in…

The home improvement contractor scam known as the "Traveler" has been around for decades, and consumer advocate Courtney Yelle estimates that they bilk consumers out of more than $20 million annually. Since home improvement contractors often work out of their vehicles, this scam can appear quite benevolent at a glance, especially since professional scam artists don 't seen like solicitors first. But once you fall for the Traveler 's scam, you could wind up losing thousands of dollars. This home…

Imagine the idea of signing a legal document that allows a thief to rob you. This sounds preposterous; however, this is reality for elderly who are affected by financial abuse. “In 2010 alone, reported instances of scams and fraud against older adults resulted in losses of about $2.9 billion” (Siddiqi). The amount of theft has only risen over the last six years, and is expected to keep growing if no further prevention or education is put into place. More and more people are living to older ages…

Charles Ponzi is probably one of the most well-known con artists America has ever encountered. Beginning his crimes with forging bad checks to smuggling Italian immigrants into the U.S. He was cunning and had a slick way with his speech to trick people into believing his scams. Unfortunately for him, his charm wasn’t enough to keep him out of jail. Charles Ponzi was born in Parma, Italy, in 1882. He came to America on the S.S. Vancouver in November of 1903, when he was 21 years old. It’s said…

In what is considered one of the largest fraud cases in history, Bernard L. Madoff stole billions in not only savings, but investments and retirement funds from a wide range of individuals, businesses and not-for-profit foundations. The size and scope of this scam went way beyond anyone’s knowledge of occurrence at the time and ultimately caused a widespread financial crisis for all victims involved. Bernard Lawrence Madoff, American stockbroker and investment manager, graduated from Hofstra…

The Bernard Madoff case is a great example of how a person will continue to commit a fraudulent act until they are caught. It is also a story that will forever be told and used as a learning guide for investors and others within the financial industry. The term “Ponzi scheme” is one that is often heard in the world of finance. It comes from the fraudulent act committed by Charles Ponzi in the early 20th century. ( Ferrell, 2009) Charles Ponzi is believed to have been the first to successfully…

The online world is an atmosphere that people often imagine as reality. Online social websites offer the ability for people all over the globe to connect and communicate with one another, ultimately transforming the meaning of being in a relationship. Modern romance is becoming significantly different than what people experienced in the past. Before, people would often meet one another at a hangout place or through mutual friends. Everything has changed since dating websites made its appearance.…