He's alleged to have hired convicted criminals as brokers, blown millions of dollars in bad commodities trades and spent his victims' money on jewelry and limousines, officials said.
Nicholas Cosmo set up his company Agape World Inc on 8/07/2000 (see NYS records), while he was still in Federal Prison, sure was in a big hurry to rip people off. According to the firm's website www.agapeworldinc.net / it has made commercial bridge loans, construction loans, acquisition loans and financing for properties nationwide with capital obtained from private sources since 1999.
From New York State Division of Corporations Records;
Current Entity Name: AGAPE WORLD INC.
Initial DOS Filing Date: AUGUST 07, 2000
Jurisdiction: NEW YORK
Entity Type: DOMESTIC BUSINESS CORPORATION
Current Entity Status: ACTIVE
Address: SUITE 428 275 BROAD HOLLOW Rd MELVILLE, NEW YORK
Projects in New York, California, Texas and South Carolina are among those listed as recipients of Agape loans in the past two years.
INVESTORS RAISED CONCERNS;
Investors had been raising concerns about Agape long before the financial crisis unearthed the recent rash of Ponzi schemes, seeking advice and intelligence on Internet investment chat boards such as www.scamvictimsunited.com and www.fatwallet.com.
"Has anyone invested with Agape World Inc? They provide bridge loans and offer investors 13-14% returns? When my brother was telling me about it, it sounded kinda fishy and risky," reads a March 2, 2008 website posting.
"The pictures on their website would make you believe that they funded the San Francisco Bay Bridge, the Taipei 101 Tower, and the Tower of Babylon, and the Baghdad Railroad," reads another post.
Former Nasdaq stock market chairman Madoff was arrested December 11 and charged with securities fraud after authorities said he confessed to running "a giant Ponzi scheme" over many years.
Since then, authorities have announced charges in investigations of at least three other alleged Ponzi schemes -- in California, Georgia and Florida -- with amounts ranging from $25 million to hundreds of millions of dollars.
Any links to Sarasota's Art Nadel or the NYC Mob ?
Arthur Nadel, head of Florida-based Scoop Management, was reported missing by his family in early January. He left behind a suicide note. It expressed guilt for losing his clients' money and said someone might try to kill him. Art Nadel borrowed $50,000 from NYC Mob Loan sharks in 1978. Was Art Nadel a big time gambler like Nicholas Cosmo ? See one of my prior post on Art Nadel here, SEC charges Art Nadel with fraud in Sarasota, Art Nadel Links to a NYC Address, Howard P. Sturman and the NYC Mob
The U.S. Securities and Exchange Commission charged the money manager with fraud last Wednesday in a complaint, saying the six hedge funds Nadel oversaw, which he valued at more than $300 million, actually contain less than $1 million. It obtained an emergency court order freezing Nadel's assets and appointed a receiver.
WBI Inc private Detective Agency