Word: cosmo
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...complaint says, only approximately $746,000 remained in all Agape accounts and most of Agape's money was used to pay prior investors, pay more than $55 million to brokers who recruited investors, and fund seven commodities-futures-trading accounts controlled by Cosmo. Those accounts, the complaint says, lost more than $80 million between October 2003 and October 2008. (See the Top 10 financial collapses...
Though the complaint against Cosmo does not cite an official Ponzi scheme, it certainly looks and smells like a Ponzi. The complaint alleges that Agape's bridge loans were touted as secured by borrowers' assets and that investors would receive substantial interest returns ranging from 48% to 80% per year. Records indicate that from Jan. 1, 2006, to Nov. 30, 2008, more than $370 million was deposited into Agape accounts - the vast majority of which was provided by more than 1,500 investors - and that less than $10 million of the $370 million was actually used to make loans...
...Monday the U.S. district attorney's office in Central Islip, N.Y., arrested Nicholas Cosmo, founder and owner of Agape World Inc. and Agape Merchant Advance LLC in Hauppauge, N.Y., charging him with a $370 million mail fraud. Agape claims it has been in the business of providing private bridge loans to commercial real estate companies and builders. The Feds don't seem to agree...
Federal agents executed search warrants at three Agape offices and froze both company and personal bank accounts, seizing $1.5 million. Cosmo's initial appearance in court is scheduled for late Tuesday in front of U.S. Magistrate Judge E. Thomas Boyle at the U.S. courthouse in Central Islip...
...mindful of the customary career trajectory,” Snider said, “and I knew I had to do something remarkable.” Cut to Snider’s big break: she is sitting bored in the mailroom, flipping through the latest issue of Cosmo. She calls up her friend at a publishing house and asks after any compelling manuscripts. The friend mentions that Scott Turow’s recent story about a prosecutor charged with the murder of a female colleague/lover is getting all the buzz. Snider requests a copy, reads it in one day, pitches...