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  1. #1
    Join Date
    Jul 2003
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    Default US Arrests Financier in Purported $400 Million Scam

    Another another one...

    By: Reuters | 26 Jan 2009 | 08:22 PM ET

    Authorities on Monday arrested the chief executive of a private New York financing firm on suspicion of running a purported Ponzi scheme that attracted $400 million in investments, U.S. law enforcement officials said.

    Nicholas Cosmo, head of Agape World Inc on New York's Long Island, was said to provide commercial bridge loans, but was instead operating a traditional Ponzi scheme in which early investors are paid with the money of new clients, officials said.

    "Nicholas Cosmo took the advice of an attorney and complied with an arrest warrant," said Al Weissmann, spokesman for the U.S. Postal Inspection Service, which is investigating Agape World and Cosmo along with the FBI.

    Cosmo's attorney confirmed to CNBC that he voluntarily surrendered to authorities and "intends to work with them to allay investor's concerns."

    Another law enforcement official, said agents had visited Cosmo's office on Monday expecting to arrest him, but he was not there.

    He complied with the warrant on Monday night and was expected to appear in magistrate's court on Tuesday in Central Islip on Long Island, FBI and USPIS officials said.

    The amount of money, while large, pales compared with the purported $50 billion fraud masterminded by investment manager Bernard Madoff. Law enforcement officials said they expect to uncover more Ponzi schemes following the sharp decline of the U.S. financial industry.

    Read more...

    Read about "Made-off" which makes this guy look like pocket change

    Cheers

    Marc
    Free business resources - www.BusinessBlogsHub.com


 

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