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This article's tone or style may not be appropriate for Wikipedia. Specific concerns may be found on the talk page. See Wikipedia's guide to writing better articles for suggestions. (April 2010) Nicholas Cosmo (born 1971) was arrested January 26, 2009 on charges of an estimated $370–400 million Ponzi scheme. Cosmo is alleged to have conducted the scheme using his company Agape World Inc. in Hauppauge, New York, which claimed to make its profits via commercial bridge lending.[1] Authorities arrested him in Hicksville, New York. Cosmo was arraigned in Islip, New York on January 27,2009 on charges of mail fraud.[2][3] Cosmo had previously been convicted of felony fraud in 1999, and had served his sentence of 21 months in prison for the offense.[2] Contents 1 Money From Agape World Used To Pay Fine From Previous Conviction 2 Only $10 Million of $400 Million Was Actually Used To Fund Bridge Loans 3 Many Agape World Employees Had Previous Criminal Records 4 Very Little Agape World Assets Recovered To Date 5 Cosmo Post Bail 6 Judge Revokes Cosmos Bail 7 Cosmo Pleads Guilty to $413 million Ponzi Scheme 8 References 9 External links // Money From Agape World Used To Pay Fine From Previous Conviction Prosecutors stated that Nick Cosmo used $212,000 in Agape funds to pay restitution from the 1999 federal mail fraud conviction. [4] Only $10 Million of $400 Million Was Actually Used To Fund Bridge Loans Prosecuters were only able to trace $10 million dollars of bridge loans that were made. $80 Million to $100 Million was allegedly lost in Commodities Future Trading and $55 to $63 Million of the investors funds went to pay the broker's commissions.[4][5] Many Agape World Employees Had Previous Criminal Records The complaint against Agape World stated that many of the employees had criminal records.[6] Postal Inspectors said Cosmo paid the brokers, some of whom were ex-convicts with records that included robbery and heroin importation, to recruit investors. [7] Very Little Agape World Assets Recovered To Date One of the largest assets of Agape World was an indoor athletic complex purchased for $3.85 million dollars. The complex was sold via auction in June 2009 to a company called Costal Sports. Cosmo had purchased the 38,000-square-foot Hauppauge building AZOR, LLC for $3.85 million last year and spent another million to transform the former paintball arena into indoor athletic fields. Some say his is also affiliated with AGAPE World. One of the largest hard money scams that ran around the nation before getting snipped by the feds. The building is the most valuable asset in Cosmo’s holdings being liquidated by the bankruptcy trustee, Jericho-based Silverman Acampora. It was auctioned by David R. Maltz & Co. of Plainview. In addition this building was purchased in conjunction with Kranthi Vallabhaneni.[8] Cosmo Post Bail As of June, 2009 Nick Cosmo, the accused ponzi schemer, was unable to post bail. Judge Hurley would not release Cosmo until several conditions were met; Cosmo's relatives agreed to back a $1.25 million bail package secured by their homes and financial accounts.[9] [2] Accused NY firm manager Cosmo freed on bail Thu Jul 23, 2009 6:12pm EDT Nicholas Cosmo, chief executive of a private suburban New York investment firm indicted for a $400 million fraud, was freed from jail on Thursday after it took months for him to make bail. A U.S. judge released Cosmo on $1.25 million bail secured by property and frozen bank accounts but he will be confined to his home under electronic monitoring on New York's Long Island. Judge Revokes Cosmos Bail In October 2009, a federal judge found that accused Ponzi scheme operator Nicholas Cosmo can't be trusted and ended his house arrest after less than three months and returned him to jail to await trial. At a hearing, U.S. District Judge Denis R. Hurley in Central Islip, N.Y., ordered that Mr. Cosmo be jailed pending trial after prosecutors alleged he used a computer and tried to transfer assets in violation of his bail conditions and provided false statements to a U.S. Pretrial Services officer.[10] Cosmo Pleads Guilty to $413 million Ponzi Scheme Nicholas Cosmo pleaded guilty to mail and wire fraud charges on Friday October 29, 2010. He faces up to 40 years in prison when he is sentenced in February, 2011.[11] References ^ Agape World website ^ a b "Financier Arrested on Charges of $400 Million Ponzi Scheme" Reuters via Yahoo News (January 27, 2009) ^ "US Authorities Allege $380 Million Scheme", Bloomberg News via The Age (January 27, 2009) ^ a b http://www.allbusiness.com/legal/criminal-law-bail/11768940-1.html ^ http://www.bloomberg.com/apps/news?pid=newsarchive&sid=ami2bpTpObY8 ^ http://www.allbusiness.com/crime-law/corrections-parole-probation/11768215-1.html ^ http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a2vzvoA0eQrA ^ http://libn.com/spacedout/2009/06/04/34m-buys-cosmo%E2%80%99s-field-of-dreams ^ "Accused Ponzi schemer Cosmo denied bail, for now" Newsday (June 23, 2009) [1] ^ http://online.wsj.com/article/SB125512102113876805.html ^ http://www.businessweek.com/ap/financialnews/D9J5IJPO0.htm] External links Website of Agape World's receiver Summary of Articles and Videos at New York Newsday (January 27, 2009) "Another Ponzi Scheme? Feds Arrest Money Manager Cosmo", Time (January 27, 2009) "Troubled Times Bring Mini-Madoffs to Light", The New York Times (January 28, 2009) "Cosmos field of Dreams Sold For 3.4M", Long Island Business News (June 4, 2009) "Accused Ponzi schemer Cosmo denied bail, for now" Newsday (June 23, 2009) "Judge Revokes Cosmos Bail" Wall Street Journal (October 9,2009) "Cosmo Pleads Guilty" Business Week (November 1, 2010) Persondata Name Cosmo, Nicholas Alternative names Short description Date of birth 1971 Place of birth Date of death Place of death This article about an American businessperson born in the 1970s is a stub. You can help Wikipedia by expanding it. v • d • e