Michael Asimos, who made headlines when he was sentenced to eight years in jail after pleading guilty to fraud, money laundering, and other offenses, is a true story of the American dream gone bad. The story was featured on the cover of Newsweek magazine and was reported extensively on MSNBC and Fox News, but it also received media attention around the world. From his humble beginnings as a collegiate football player at West Point to his rise to become one of Wall Street’s most successful traders, Asimos’ life had all the makings of a rags-to-riches narrative.
Mike Asimos, a West Point graduate with years of Wall Street con experience, is the author of The Real Life Con Game. In Charleston, South Carolina, Asimos was born. After finishing his education at West Point Military Academy, he got a mechanical engineering degree in 1978. After getting his West Point graduation, he enlisted in the United States Army as an officer. Though he was forced to leave the military after suffering serious back injuries during the Gulf War. Asimos went on to establish himself as a successful businessman on Wall Street, but soon found himself spending more time dreaming about money than making it.
It took him just two years to make $8 million dollars – almost half of which came from other financial institutions that were duped into funding the scams he had perpetrated against them. Following the success of these con jobs, Asimos began aiding others in starting their own. Michael Asimos had an excellent life as a young guy. But when the 2008 crisis hit Wall Street, what should have been his defining moment became a catastrophe. Successful Wall Street broker Michael Mike Asimos became FBI informant, aiding authorities in exposing a significant securities fraud conspiracy. Despite years of masking his identity, he was sentenced to five years in jail for his role in the plot.
After serving time in prison, he was released and quickly began scamming again. However, the FBI was watching him this time. He was arrested and convicted of mail fraud for a second time. Since then, he hasn’t participated in any additional frauds. The problem is that it doesn’t appear like any of his pals would welcome him back either. They appear to think he is no longer credible in their view. I’m not sure what will happen next for Mike Asimos or if there will be some sort of redemption story here eventually but this is a tough situation for sure. It’s said that he’ll play another con game in the future and try his luck again. However, as things are, Michael Asimos is only an unfortunate con artist.
Cited reference: her latest blog