• Nicholas Cosmo is the founder of Agape World Inc., a firm based in Long Island, New York, a bridge-loan financing outfit. The firm along with Cosmo is alleged, by the U.S. Postal Inspection service, to have been the core of a $400 million Ponzi scheme.Bloomberg: Cosmo, Alleged Ponzi Scheme Runner, to Surrender, Lawyers Say (January 26, 2009)

  Cosmo has been formally indicted for mail and wire fraud by federal investigators. The 32-page indictment was issued on April 23, 2009, and alleges that Cosmo ran an intricate ponzi scheme since 2003.Long Island Business News: Cosmo indicted for fraud (April 23, 2009)

• Fast Facts

  1. Born: About 1971Newsday: Federal agents raid Hauppauge investment firm (January 26, 2009)
  2. Education: BA, St. John's University under a baseball scholarshipBNET: Agape World, Inc.
  3. Previous employment: played with the Cincinnati Reds divisionBNET: Agape World, Inc.
  4. 1999: sentenced to 21 months in federal prison, fined $177,000 for defrauding investorsLong Island Business News: LI investment firm halts payouts, under investigation (January 23, 2009)
  5. 2000: released in AugustReuters: US arrests NY financier in purported $400 mln scam (January 26, 2009)
  6. Promised investors to return 14% in as little as 72 daysLong Island Business News: LI investment firm halts payouts, under investigation (January 23, 2009)
  7. Clients invested between $5,000 and $3 millionLong Island Business News: LI investment firm halts payouts, under investigation (January 23, 2009)
  8. Agape World listed as #73 in the Hot 100 of Entrepreneur magazineBloomberg: Cosmo, Alleged Ponzi Scheme Runner, to Surrender, Lawyers Say (January 26, 2009)
  9. Offices in Hauppauge and Queens in New York, and Manhattan Beach, CaliforniaBloomberg: Cosmo, Alleged Ponzi Scheme Runner, to Surrender, Lawyers Say (January 26, 2009)
  10. Employees: 21Bloomberg: Cosmo, Alleged Ponzi Scheme Runner, to Surrender, Lawyers Say (January 26, 2009)

• Nicholas Cosmo's History

  In 1997, Cosmo was working as a stockbroker for Continental Broker-Dealer Corporation. He was accused of misappropriating funds, when he inserted the name "Cosmo and Associates" in the place of a public customer's name. He pleaded guilty in 1999 to a federal charge of fraud and received a 21 month sentence and a $177,000 fine. Bloomberg: Cosmo, Alleged Ponzi Scheme Runner, to Surrender, Lawyers Say (January 26, 2009)

  Cosmo told Bloomberg that he started Agape World in 1999 as a private bridge lender. In May 2008, Cosmo and Agape World were listed in Entrepreneur magazine as one of the fastest growing businesses. By October, 2008, the FatWallet discussion board was sharing information about the lack of concrete results from Agape World.Bloomberg: Cosmo, Alleged Ponzi Scheme Runner, to Surrender, Lawyers Say (January 26, 2009)

• Related Pages on Mahalo

  Ponzi Scheme | SEC | Joseph Forte | Bernard Madoff | Andres Pimstein | Harry Markopolos | George Theodule | Ezra Merkin | Arthur Nadel | Shana Madoff | Danny Pang

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