Another mini-Madoff busted. NY liar arrested in $400 million Ponzi scheme

[sixmile]

http://www.reuters.com/article/ousiv/idUSTRE50Q0EQ20090127
'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.

They 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.

"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.'

'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.

In one of the probes, 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.'

When it rains it pours. Madoff was only the tip of the iceberg.

[DJ13]

1. Thats two ponzi schemes I've read about just today

The whole investment industry is starting to come across as completely crooked.

[sixmile]

2. Maybe they can get the money back from these people:

http://www.agapeworldinc.net/default2.asp?active_page_id=197

The word Agape is related to a born again Christiany thing too, isn't it?

[Mind_your_head]

3. 'Agape' World......

Agape is a greek word for love....not sexual love, but deep abiding love. Fundies use this word as a 'code'. Most fundies don't know greek from shinola....but AGAPE! AAAAAAAAAAAHHHHHHHHHHH.....

This guy took the word that these simpletons TRUSTED as "deep abiding love" and used it to his advantage/their loss.

That's what happens when people (fundies) use the "dummies guide to religion".

:rofl: (forgive me for laughing, but I really can't help myself....btw, I've been "taken" a few times myself in my lifetime, but on a very small teenage scale. Learned my lessons and all....there is something to be said for that, I must say.)