Saturday, December 12, 2009
Friday, December 11, 2009
I OFFER YOU HERE AN OPPORTUNITY TO BE HEARD.
A CHANCE TO BE ASSERTIVE, TO TAKE ACTION, TO FIGHT BACK, WITHOUT HAVING TO TAKE OFF FROM WORK, FLY TO NY, STAND IN THE COLD, OR WAVE A BIG SIGN THAT SAYS "I GOT RIPPED OFF".
THIS PARTICIPATION YOU CAN ACCOMPLISH AT YOUR OWN PACE, ON YOUR OWN SCHEDULE, ANONYMOUSLY AND WITH ALMOST NO COST (PENNIES FOR THE PHOTOCOPIES).
NO MORE EXCUSES.
I CHALLENGE THE GROUP TO DESIGN (OR ASK FOR A COPY OF ONE OF MINE), PRINT AND DISTRIBUTE AS MANY FLYERS AS YOU CAN AT ANY BANK OF AMERICA" INDOOR ATM FACILITY.
THE THEME OF THE "FLYER" SHOULD BE BOA'S HISTORY OF INVOLVEMENT IN ANY "ONE OR MORE" OF THE DOZENS OF MISDEEDS AGAINST THE PUBLIC INTEREST INCLUDING BUT NOT LIMITED TO THE "AGAPE WORLD INC" PONZI.
THE KEY TO A SUCCESSFUL CAMPAIGN OF PUBLIC AWARENESS IS CONSISTENCY (KEEP THE FLYERS FLOWING) AND TIMING (WE NEED TO DO THIS ON WEEKENDS OR EVENINGS (WHEN THE BANK STAFF WONT BE AROUND TO REMOVE AND TRASH THEM).
OUR OBJECTIVE... EDUCATE THE BOA ACCOUNT HOLDERS AS TO BOA'S ALLEGED INVOLVEMENT
IN THE AGAPE WORLD INC PONZI AND OTHER CRIMINAL ACTIVITIES.
IF YOU DO THIS, PLEASE ENCOURAGE THE OTHER GROUP MEMBERS TO DO THE SAME BY SIGNING ONTO THE YAHOO GROUP SITE AND LETTING US KNOW HOW MANY YOU DROPPED OFF AND IN WHAT CITY (DO NOT MENTION THE BRANCH BY NAME).
I WISH YOU ALL SUCCESS.
check out this video of one young womans courage to speak out against BOA:
Tuesday, December 8, 2009
Non-profit group will focus on prevention of investment fraud and assistance for fraud victimsNew York, NY (Dec. 8, 2009) — A group of investment fraud victims has formed the Network for Investor Action and Protection (NIAP), a not-for-profit organization dedicated to helping investors and victims of investment fraud.
The Network, a natural outgrowth of the group’s meetings, planning, advocacy, and extensive collaboration that began in the weeks following the discovery of the Madoff fraud, will pursue regulatory reform to more effectively police and prevent investment and securities fraud, and will seek better treatment for fraud victims.NIAP (www.investoraction.org) - initially seeks to unite thousands of victims of several recent frauds, serving as an advocate for the rights of victims.
It will also line up support for much-needed legislative and regulatory change at market oversight agencies as the Securities and Exchange Commission (SEC), the Financial Institutions Regulatory Authority (FINRA), and the Securities Investor Protection Corporation (SIPC).“It’s extremely unfortunate that existing laws are being interpreted to the detriment of many victims of investment fraud, who are already suffering terribly from Washington’s poor oversight,” said Ron Stein, NIAP’s President and co-founder. “Most investors don’t realize how limited the protection of their investment assets is. NIAPs platform will allow us to pursue our goals of improved treatment for fraud victims and the equally important objective of better oversight of the investment community.”“The public doesn’t fully grasp the diversity of those whose lives were ruined by these frauds and the incredible hardship that resulted,” said Ilene Kent, a member of NIAP’s Executive Committee. “A vast number of the victims are every day, hardworking people of all economic backgrounds, a true cross-section of America. Our plight – made worse by decades of government negligence – is being largely ignored.”
As a 501c4 tax-exempt organization, NIAP will be able to solicit donations and lobby for legislative changes at both the state and federal levels. NIAP has already begun the process of reaching out to members of Congress to advance its agenda. Indeed, NIAP members played an integral role in making this week’s Congressional hearings on the Investor Protection Act amendments happen, and in drafting the legislation recently announced by Sen. Charles Schumer’s (D – New York) office that will provide significant relief for indirect investors.
NIAP represents a collaboration between existing Madoff investor groups and individuals and the investor population-at-large, rightly concerned about the protection of their assets and the safety of their brokerage firms.“We want to bring together victims of investment fraud — including union members, pension fund holders, in short direct and indirect investors alike — to speak with one voice on what important changes need to be made so all investors can feel safe under our country’s regulatory framework,” said Kent, who is also the group’s Outreach Coordinator. “We want investors to feel that the SIPC, FINRA, and the SEC are competent and actually represent investor interests.
Contacts:Michael Wichman, The Hamilton Groupmwichman@thehamiltongroup.net
Ilene Kent, Network for Investor Action and Protectionilenek@investoraction.org
Thursday, December 3, 2009
by David WinzelbergPublished: December 3, 2009Tags: Agape World, Nicholas Cosmo, Ponzi scheme
Five people who the feds allege pocketed more than $40 million by selling bogus investments for Nicholas Cosmo’s Agape World are negotiating to settle the lawsuits brought against them by the bankruptcy trustee in the case.
Trustee Ken Silverman and attorneys from his firm Silverman Acampora told the federal bankruptcy court Tuesday that they were actively negotiating settlements with some of the former Agape World brokers, including Jason Keryc, Bryan Arias, Hugo Arias and Diane Kaylor, and each of their corporate entities.
Silverman is in “early stages of discussions” concerning a resolution of the claims against Jose Ricardo Diaz.
The trustee explained that any settlement is subject to further investigation regarding the disposition of funds received from the brokers and others who profited from Agape, the Hauppauge-based company that feds charge was really a $413 million Ponzi scheme.
Silverman had sued the brokers to reclaim the lucrative commissions Cosmo had paid to them, which feds estimated at $55 million. Keryc was sued for $16 million, Hugo Arias for $10 million, Diaz for $8 million, Kaylor for $4.75 million, and Bryan Arias, Hugo’s brother, for $2 million.
The court also approved the trustee’s $180,000 settlement with Stephenson Lane Carriage Homes, a Maine housing project Agape lent $214,000 to. A payment of about $749,000 to the trustee for services rendered so far on the Agape case was also approved by the court.
Also, about two dozen victims of Cosmo’s alleged fraud are expected to rally in front of the Bank of America tower across from Bryant Park in Manhattan on Friday at noon. New Jersey resident Lucille Manzella, who helped organize the protest, said the event is aimed at calling attention to the bank’s role in Agape World’s business operations.
A class-action suit filed on behalf of Agape victims claims the bank assigned more than one employee to Cosmo’s office in Hauppauge and supplied direct access to the bank’s accounts. The suit says Bank of America also provided Cosmo with access to information about the cash balances of Agape investors who had accounts with the bank. Those Agape investors routinely received aggressive solicitations from the company when their balances swelled, the suit claims.-- David WinzelbergReporterLong Island Business News631email@example.com://www.libn.com/spacedout
Thursday, November 12, 2009
Ponzi scheme victims to get checks soon
November 10, 2009 By GARY DYMSKI firstname.lastname@example.org
On the other hand, DiColandrea is a little discouraged the initial recovery is so small: less than a half-cent on the dollar.
About 800 victims of Cosmo's alleged $413-million Ponzi scheme should start receiving checks early next month, according to court filings made public by Silverman Acampora.
The Jericho law firm has recovered a little more than $5 million in assets held by Cosmo and his Hauppauge company, Agape World Inc. A little more than $400,000 already has been paid out pursuant to prior court orders.
A motion in U.S. Bankruptcy Court Friday in Central Islip asked for interim distribution of about $2.4 million. The court is expected to decide on the motion Dec. 1, attorney Ron Friedman of Silverman Acampora said Tuesday.
"That comes to about $800 on every $100,000 invested," said DiColandrea, 53, a West Babylon real estate appraiser who lost about $200,000 in the alleged scam. "I'll get a check for $1,600. That's not exactly what you'd hope to get back."
About 5,000 claims have been filed against Cosmo - who is in jail awaiting trial - and his company. Cosmo was arrested by federal authorities in January and charged with wire and mail fraud in the alleged Ponzi scheme.
A Central Islip federal judge last month ordered that Cosmo be sent back to jail to await trial after finding that the former Lake Grove resident had violated three conditions of bail. Cosmo had been in jail since his arrest until he posted $1.25 million bail in July.
Friedman said up to $1.4 million of the recovered funds could go toward professional fees and another $1 million could be held in reserve.riedman also said more litigation was ahead and more assets were out there. "It's hard to put a dollar amount on it because you don't know what the market will bring," he said.
Saturday, November 7, 2009
I generally post only that which I find relative and productive.
Well, a few of us have agreed that we should remove from access to this site
anyone who does not contribute comments and or support.
The consensus is that as long as we make the information free, the 400+ members
that observe but don't contribute will never come forward.
I put this thought out to you. If you are here with us in spirit, If you are
here with us emotionally, then you can post a comment in support. You don't have
to live nearby. It only takes a minute every now and then.
To those of you who do comment (regardless of your opinions), of course you
would continue to have access. But to those of you who chose to remain
"observers", I suggest that you be prepared to lose your ability to "watch
others do all the work".
I give you all one week to step forward and make some kind of contribution of
time and energy to the cause (something as simple as posting a comment so we
know you're interested).
At that point we regret to inform you that access to this site and your
membership thereof will be suspended.
Today is 11/7/09. Next Saturday is the cut off.
Those of you who are regular contributors know who you are. Dont worry, this
will not affect your membership access.
To post a comment on the yahoo group site go to:
Sunday, November 1, 2009
Unless noted otherwise, all hearings will be held before the Honorable Dorothy T. Eisenberg at the United States Bankruptcy Court, Eastern District of New York, Courtroom 760, Central Islip, New York
Oct. 22, 2009:
Time: 2:00 p.m.
|Hearing on Trustee's Third Omnibus Claims Objection Motion |
Hearing on Trustee's Fourth Omnibus Claims Objection Motion
Hearing on Trustee's Fifth Omnibus Claims Objection Motion
Hearing on Trustee's Sixth Omnibus Claims Objection Motion
Nov. 3, 2009:
Time: 11:00 a.m.
|Hearing on Trustee's Seventh Omnibus Claims Objection Motion |
Hearing on Trustee's Eighth Omnibus Claims Objection Motion
Hearing on Trustee's Ninth Omnibus Claims Objection Motion
Hearing on Trustee's Tenth Omnibus Claims Objection Motion
Hearing on Trustee's Eleventh Omnibus Claims Objection Motion
Hearing on Trustee's Twelfth Omnibus Claims Objection Motion
Hearing on Trustee's Thirteenth Omnibus Claims Objection Motion
Nov. 5, 2009:
Time: 2:00 p.m.
|Hearing on Trustee's Fourteenth Omnibus Claims Objection Motion |
Hearing on Trustee's Fifteenth Omnibus Claims Objection Motion
Hearing on Trustee's Sixteenth Omnibus Claims Objection Motion
Nov. 10, 2009:
Time: 2:00 p.m.
|Hearing on Trustee's Seventeenth Omnibus Claims Objection Motion |
Nov. 17, 2009:
Time: 2:00 p.m.
|Pre-trial conference: Silverman v. Cyrek, Inc./Jason Keryc |
Nov. 19, 2009:
Time: 11:00 a.m.
| Status Conference |
Pre-trial Conference: Silverman v. Hugo Arias, et. al.
Pre-trial Conference: Silverman v. Precision Processing, et. al.
Pre-trial Conference: Silverman v. Brandino Corp., et al.
Pre-trial Conference: Silverman v. Jose Ricardo Diaz, Inc., et al.
Friday, October 9, 2009
A federal judge found Friday 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.
"It seems to me that he is unlikely to abide by any conditions of release," said U.S. District Judge Denis Hurley. "Mr. Cosmo is the type of individual - he will bend the rules if he thinks it advances his interests."
Cosmo, of Lake Grove, is charged with defrauding thousands of people out of more than $400 million through his Hauppauge firm, Agape World. He was arrested in January and was in jail until he posted $1.25 million bail in July.
But Hurley found that Cosmo violated three conditions of bail - that he used a computer, asked his girlfriend to access the Internet on his behalf and lied to his federal Pretrial Services officer about what he was doing on the computer. In addition, Hurley said he was troubled by evidence that Cosmo orchestrated the sale of an expensive watch, in violation of two court orders not to sell or transfer any of his assets.
Several of Cosmo's investors said they were relieved to see Cosmo remove his tie and be taken into custody by U.S. marshals.
"It's about time," said firefighter Michael Casey of Long Beach.
Earlier, as Hurley's decision approached, there was tension between Cosmo's sister, Fran Kegel, and another investor, Lou Piccoli, a Center Moriches contractor who said he's on the verge of losing everything he owns.
Piccoli said he was about to get on an elevator with Cosmo and Kegel when Kegel called for security. Later, Piccoli approached Kegel in the courtroom to explain himself and she told him sternly, "I don't want you near my brother."
In an attempt to keep her client out of jail, defense attorney Stacey Richman of the Bronx argued that Cosmo's violations were inconsequential and posed no risk to victims or to the public. All he was trying to do by accessing Agape documents was prepare for trial, she said.
"There has been no aspect of economic crime to any individual at all since Mr. Cosmo's release," Richman said. She noted that Ponzi schemer Bernard Madoff gave away millions of dollars in jewelry after his arrest, but was allowed to stay out of jail until he pleaded guilty.
Assistant U.S. Attorney Grace Cucchissi said that Cosmo could easily victimize people again if he was allowed to gain access to investors' personal information. Putting him back in jail would protect the public from Cosmo's willingness to ignore the rules, she said.
Piccoli said later he was frustrated with the slow pace of the case - and Richman said with her client in jail again, it probably would be even slower.
Piccoli noted that foreclosure and repossession proceedings against him haven't slowed, and he said there ought to be a way to put those proceedings on ice until the criminal case is resolved and he gets any restitution he may be owed.
U.S. District Judge Denis Hurley found Thursday night that Cosmo had violated several conditions of his bail, which allow him to live under home detention at his parents' home in Wantagh. Hurley put off deciding until Friday whether to return Cosmo to jail or to modify his bail conditions and allow him to remain under house arrest.
"He should be prepared for the possibility that he'll be remanded tomorrow," Hurley told Cosmo's attorney, Stacey Richman of the Bronx.
After two days of testimony and argument, Hurley found that Cosmo, of Lake Grove, violated three conditions of bail: He used a computer, asked his girlfriend to access the Internet on his behalf and lied to his federal Pretrial Services officer about what he was doing on the computer.
"It was a blatant violation of the court's order," Hurley said.
Richman characterized the violations as "technical" and said Cosmo stopped using his parents' computer after she told him to stop. She noted that the point of his actions was to prepare for his defense by going through documents and e-mails from Agape World, Cosmo's now-defunct Hauppauge firm that federal officials say has devoured the savings of numerous Long Islanders.
"It was a violation of the letter of the conditions, but not the spirit," Richman said after Hurley ruled, saying there's no reason to put Cosmo in jail again. "He's not a danger to the community."
Assistant U.S. Attorney Grace Cucchissi emphatically disagreed, noting the wreckage he's made of people's lives. "He's an economic danger to society," she said.
One of his former investors, who would not identify herself, agreed. She said the company documents that Cosmo reviewed had Social Security numbers on them, allowing him to commit identity theft or further steal from victims.
Cosmo was arrested in January and charged with running a Ponzi scheme through Agape World. He stayed in jail until a bail agreement was reached in July.
Earlier Thursday, Hurley heard testimony about another possible violation of bail conditions. Cucchissi said taped phone conversations from when Cosmo was jailed showed he was trying to sell an expensive watch, in violation of court orders not to transfer any of his assets.
Hurley, noting that this happened before Cosmo posted bail, wondered whether it was relevant. "I'm not sure if he can be deemed in violation of the terms of his release before his release," he said.
Cucchissi played the tapes of more than a dozen often vulgar phone conversations from April to June between Cosmo and either his girlfriend, Shamika Luciano, or his sister, Fran Kegel.
On the tapes, Cosmo is heard saying the watch could fetch as much as $12,500 and pushes Luciano and Kegel to sell it. Ultimately, it didn't have the value Cosmo believed. Kegel told him it sold for less than $3,000.
Thursday, October 8, 2009
we had some twenty or more show up yesterday, but most of us cant do two days in a row.
If you have the time or can make the time.. please do.
the time and place are the same as posted for yesterday (see prior posting).
Nicholas Cosmo went home last night from federal court in Central Islip, something that displeased about 20 people whom the government says he defrauded with a phony investment scheme that cost investors more than $400 million.
U.S. District Judge Denis Hurley allowed several of Cosmo's former investors at Agape World of Hauppauge to speak before a hearing began on whether Cosmo had violated the terms of his $1.25-million bail. The government claims Cosmo, who is under home detention at his parents' house in Wantagh, has done so by using a computer, asking his girlfriend to access the Internet and by trying to sell an expensive watch.
Cosmo, of Lake Grove, was arrested in January and charged with running a Ponzi scheme through Agape World. He stayed in jail until a bail agreement was reached in July.
"I don't know how home detention helps the victims," Dominick DiColandrea said in court. "If it did, I would invite him into my house for Thanksgiving."
As he did last month, Hurley suggested that the explanation Cosmo attorney Stacey Richman offered for accessing e-mails wasn't sufficient. Richman, of the Bronx, said her client asked girlfriend Shamika Luciano to print out 57 pages of e-mails to prepare for his defense.
Hurley noted that the ban on computer use was clear and that Cosmo should have asked Richman to seek permission from him to make an exception.
"No party has the right to unilaterally adjust" the conditions, he said.
In court, Hurley heard a tape - at times garbled and apparently incomplete - of a phone conversation between Cosmo and Donna Mackey, the federal Pretrial Services officer who supervised him. Mackey asked him about a flash drive that was used to transfer computer files concerning the case.
"I use it to play chess a lot," he told Mackey on the tape.
Prosecutor Grace Cucchissi later noted that even playing chess on a computer violated the bail conditions.
Mackey testified that Cosmo never mentioned asking Luciano to download or print e-mails. And even if Cosmo's hands never touched a keyboard in seeking the e-mail, asking Luciano to do it for him was a problem, Mackey said.
"He is trying to circumvent his way into using the Internet," she said. "He is not being truthful."
At the end of the day, Richman asked Hurley to tell Cosmo's former investors to stop making rude or threatening gestures in court toward Cosmo's family.
"I recognize the loss" they've suffered, Richman said, but asked that Cosmo's family members be left alone.
The hearing will resume this afternoon in Central Islip.
Sunday, October 4, 2009
Thursday, October 1, 2009
Court Docket Number: 09-CR-00255
A hearing before Judge Denis Hurley is scheduled for October 7, 2009, 01:30 PM in U. S. District Court, EDNY, Long Island Courthouse, 100 Federal Plaza, Central Islip, NY 11722-4438 regarding the detention or release of the following defendant(s): NICHOLAS COSMO.
Unless you have received a subpoena to attend as a witness in this matter, your attendance is not required. Because of the Court's schedule, hearing dates could change on very short notice. If you plan on attending, you may want to call the VNS Call Center or check the web site to confirm the date and time. On September 25, 2009, the government made a bail application to have the defendant's bail revoked due to what it believes are violations of the bail conditions. At the October 7, 2009 hearing, the judge will determine whether or not to revoke the defendant's bail or for him to remain out on bail and subject to home confinement. Your attendance is not required, but if you would like to attend this event, please call our office one business day before to confirm date and time.
Wednesday, September 30, 2009
The U.S. Marshals have another Montauk listing on their hands, this one to the tune of $2.499 million. The 4,000 square foot home is owned by Jason Keryc, a former salesman for Agape World Inc., a Long Island company involved in a $400 million Ponzi-scheme run by its owner. (Keryc hasn't been charged with anything, but the home is part of a civil forfeiture case.) The listing for the two-story colonial went to Elliman's auctioneer extraordinaire Enzo Morabito, and once sold, the recouped millions will go into escrow until a final decision in the case. Though the house was built in 2003, Real LI reports that Keryc only bought the home in July 2008, for the slightly higher price of $2.7 million. If we know our Marshals, that number will be right back to its rightful pre-recession level in no time.
Sunday, September 27, 2009
October 8, 2009:
Time: 11:00 a.m
|Hearing, if Objections to Trustee's Sale of Louisiana Property|
October 15, 2009:
Time: 3:00 p.m
|Status Conference |
Inquest: Silverman v. Cosmo
Pre-trial Conference: Silverman v. Hugo Arias, et. al.
Pre-trial Conference: Silverman v. Precision Processing, et. al.
Pre-trial Conference: Silverman v. Brandino Corp., et al.
Tuesday, September 15, 2009
The bottom line, The Trustees office is working aggressively towards recovering assets from brokers, investors who made profits, and any third parties that might have had a hand in supporting this fraud.
Many of the Agape brokers have had their assets frozen and are either cutting deals with the Trustee to avoid prosecution or pleading the 5th amendment.
As it was explained to us, Pleading the 5th would lead to a "negative inference" (Negative inference, is where an interpreter takes a statement of fact and then assumes the negative premise is true) position on the part of the investigation and the Trustee would take action accordingly.
The Trustee is about two weeks from having a final dollar amount of legitimate claims and claimants. They also expressed a possibility of a first disbursement sometime in December 2009.
The Disbursement wouldn't amount to much in the big picture but it would be a first step.
They also mentioned the probability of having another large law firm represent them (and us) in investigating third party liability (BOA, Commodities brokers, etc,).
All in all, I would say the Trustee is doing a great Job.
hang in there brothers and sisters,
Saturday, September 12, 2009
Today was wonderful. I stood shoulder to shoulder with good men, women and
children, telling who ever would listen that we were violated and that Bank of
America played a key role in that crime.
I'm very proud of you all.
I like the energy you brought to the demonstration, Rob, Rob Jr, Frank, Lu,
Ralph, Bob, Ellen, Jimmy... so many good people.
I wish I could remember all the names.
I have a few suggestions for the next gathering.
1. We wear "stick on name labels" (it'll help us relate to each other)
2. We Make up some "clear, concise poster boards. Pick up some 3/4 inch paint
brushes and make the lettering bold - easy to read.
3. Keep the messages simple
4. Don't use "BOA" abbreviation. Lets make sure the passerby's know we are
talking about "BANK OF AMERICA"
5. Lets designate task such as "walkers (we have to keep the group moving to
avoid loitering accusations), poster holders (Actually, i think poster boards
should be hung around the next with a ribbon when not being held high for
passing cars to read), flyer distributors (some to approach BOA customers coming
and going to and from the bank while others approach the cars that stop at the
red lights near the designated corners.
6. We take pictures and video's (i can edit the video and post it or email it if
7. We make up several hundred flyers or notices to be handed out to passersby.
The Poster boards will only keep their attention for the few seconds it takes to
read them. The flyers can be read later and contain information that leads the
reader to websites and related information.
8. Last but not least. We need a bigger turnout. We have two weeks to get it
ready. I'm going to post the list of email addresses we have recorded over the
past 9 months.
Use it. Send letters to whomever you can. Motivate them to take part in the
They dont need to be here with us on Long Island. I'll post the Flyers online,
they can print them and follow the same protical wherever they live and hold
demonstrations at those locations.
Two or more people at several branches can have a significant effect.
Lets show the world that we are organized and committed to seeking justice.
Today I saw a group of people willing to work for what is right.
Lets keep the ball rolling.
60 Hempstead Ave
West Hempstead, NY 11552
BRING YOUR FRIENDS AND FAMILY. LETS SHOW THE PUBLIC THAT WE ARE COMMITTED TO EXPOSING THE BANKS INVOLVEMENT IN THE "AGAPE FRAUD".
WE'LL GATHER AT 10AM AND RUN IT AS LONG AS WE SEE FIT.
Friday, August 28, 2009
Friday, August 7, 2009
the exact location has not been determined at this time and will be decided prior to the event and posted accordingly.
If youre interested, please come, bring friends, family and notify any media contacts you might have.
Personally, I'm happy to see the group taking such an initiative and will support the effort wholeheartedly.
check this out:
Thursday, July 23, 2009
by David WinzelbergPublished: July 23, 2009Tags: Agape World, crime, Nicholas Cosmo, scams
After spending nearly six months at the Nassau County jail, Nicholas Cosmo was released on $1.25 million bail Thursday afternoon.
Judge Michael Orenstein signed the order that allowed the alleged Ponzi-schemer to trade in his orange jumpsuit for the blue shirt and navy suit his sister brought to court for him.
Only a handful of victims from the alleged Agape World scam attended the hearing in the federal courthouse in Central Islip.
Cosmo bounded down the steps trying to dodge reporters’ questions and a soaking rain, accompanied by his attorney Stacey Richman.
He then got into a red GMC SUV escorted by two U.S. court police vehicles and sped away.
The feds have charged Cosmo with taking $413 million from thousands of investors. Richman has asked the court to delay hearings on the case until September 25.
If convicted, Cosmo faces a return to federal prison for as many as 30 years. He served 21 months for a prior fraud conviction and was released in August 2000.
Monday, July 20, 2009
(sent to me a few minutes ago).
Tuesday, July 14, 2009
are continually getting burned? They may have actuall helped AGAPE steal $417 Million
form hard working people. At least that what the Class Action Suit says about them!
Skank of America
$417 M PONZI SCHEME ARTICLES - BANK OF AMERICA LINKED TO AGAPE
RECENT $141 MILLION FRAUD CONVICTION AGAINST SKANK OF AMERICA
Jere Beasley Report
Predatory Lending - Written by Jere Beasley on Tuesday, January 6, 2009 15:16 - 0 Comments
$141 Million Fraud Verdict Against Bank Of America
Tags: bank of america
A verdict of $141 million was returned last month against Bank of America Corp., the largest U.S. consumer bank, in a lawsuit over claims that one of its units defrauded investors who bought securities backed by a furniture retailer. Federal court jurors in New York decided in favor of the investors, including American International Group Inc., Bank Leumi Le-Israel Ltd., Allstate Corp. and Societe Generale SA, in a trial that started in October. The jury awarded $85 million, which with interest, totals $141 million. The Plaintiffs showed the jury that Bank of America Securities knew the securities it was selling were much worse than they were holding them out to be to the marketplace.
The Bank of America unit, Nationsbanc, underwrote securities issued by a trust created by Heilig-Meyers, once the largest U.S. furniture retailer. The securities were backed by money owed to Heilig-Meyers from installment contracts. According to the Plaintiffs, Nationsbanc deceived investors when it claimed in offering materials that Heilig-Meyers’s collection practices were effective and its receivables sound. Richmond, Virginia-based Heilig-Meyers, which catered to low- and middle-income consumers, filed for bankruptcy in 2000 and wasn’t a Defendant in the case.
OTHER CASES AGAINST SKANK OF AMERICA
Article: Suit Alleges B of A Fraud Role.(National/Global)(Bank of America Corp.)(Brief article)
March 30, 2009
document.writeln('Davis, Paul');document.getElementById('ctl00_ph_ctl00_ArticleMain_AuthorLinks_ctl01_lnkAuthor').title='Davis, Paul'
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copy of zamansky class suit bank of america Copyright informationCOPYRIGHT 2009 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale
Byline: Paul Davis
Bank of America Corp. is facing a shareholder lawsuit that claims the company played a major role in a suspected case of investor fraud involving a client.
The lawsuit, filed Thursday in U.S. District Court for the Southern District of New York on behalf of Agape World Inc. investment clients, alleges that the $2.5 trillion-asset Charlotte company "failed to respond to the illegitimacy and unlawful nature" of Agape's business activities. The lawsuit, which was filed by the New York law firm Zamansky & Associates, asserts that B of A had an employee working in Agape's headquarters building and that it allowed the client to commingle funds it received ...
Article: At least 10 people who live in the Keene area have thousands of...
Magazine article from: New Hampshire Business Review; February 13, 2009 ; 107 words... At least 10 people who live in the Keene area have thousands of dollars tied up in Agape World Inc., a New York firm whose owner is accused of investment fraud. Nicholas Cosmo is accused of taking more than $380 million from about 1,500 investors...
Article: COMMODITY FUTURES TRADING COMMISSION CHARGES NICHOLAS COSMO AND...
News wire article from: US Fed News Service, Including US State News; January 27, 2009 ; 417 words...Agape World, Inc., (Agape World), and Agape Merchant...both of Hauppauge, New York (collectively, defendants...the Eastern District of New York, the CFTC is seeking...the Eastern District of New York (EDNY), the United States...
Friday, July 10, 2009
by David WinzelbergPublished: July 10, 2009Tags: Nicholas Cosmo, United States Golf Association
The United States Golf Association was hounded until it made good on rain checks for U.S. Open first-round ticket holders last month.
But the USGA is still trying to hold onto $31,875 it got from alleged Ponzi-schemer Nicholas Cosmo, who had reserved a hospitality table at the event for his company Agape World.
Agape’s bankruptcy trustee Ken Silverman, from Jericho-based SilvermanAcampora, has sued the USGA for the money, as part of his firm’s sweeping effort to recover a wide variety of assets from Cosmo and his former employees. The USGA wasn’t immediately available for comment at press time.
While the USGA won’t give back the money, other sports organizations are all too happy to get away from the scandal. Hugo Arias, who ran Agape World’s office in Jackson Heights, put a $75,750 deposit on a luxury box for New York Giants games at the new Meadowlands stadium. That money was returned to the trustee without legal action, said Rachael Dioguardi, one of the eight SilvermanAcampora attorneys working on the Agape bankruptcy since February.
The trustee has sued Arias to recover $10 million in ill-gotten gains from the alleged Agape fraud. Other Agape employees are in Silverman’s sights, such as Arias’ brother Bryan Arias, who’s been sued for $2 million, and Diane Kaylor, sued for $4.75 million.
Little by little, the assets from the alleged scam are finding their way to the trustee and will eventually be distributed to about 1,500 Agape World investors who have claimed losses of nearly $180 million.
“We have to uncover every stone in this case,” Dioguardi said. And some of the stones are far flung.
The trustee’s designated auctioneer, Plainview-based David R. Maltz & Co., is currently fielding offers for a 25-acre industrial property in southern Louisiana owned by Agape World. Cosmo had invested more than $1 million in a plan by California-based United Steel Supply to build a concrete distribution center on the Mississippi Riverfront site. But the company went bust and Agape ended up with the property.
Maltz already sold Cosmo’s Mercedes for $47,000 and his indoor sports complex in Hauppauge for $3.4 million.
So far, the trustee has collected $1.1 million of a $2 million settlement that Silverman’s team negotiated with ProMac, a cash-advance firm that was funded with $5.3 million from Agape World, but is unable to repay the whole debt.
Bankruptcy attorneys are trying to negotiate a settlement with the owners of Cosmo-funded restaurant Speranza Food Studio in Woodbury, who’ve yet to turn over their financials. They’ve also asked the court to force several futures-trading companies to furnish information about the millions transferred to them from Cosmo and his companies. The government believes Cosmo lost at least $80 million of his client’s money while trading with more than a half-dozen firms.
The U.S. Attorney’s office is also on the hunt for Agape assets and has put lis pendens on a number of properties and possessions owned by Cosmo, his company and staff.
In March, the federal government issued notice of its intent to seek the forfeiture of a Long Beach condo and Montauk house owned by Jason Keryc, a surfer and Agape World’s most prolific salesman.
Public records show Keryc paid $850,000 for the Long Beach pad in November 2006 and spent $2.7 million for the 10-room house on nearly two acres in Montauk. But before the trustee can put the properties up for sale, the feds have to prove the homes were bought with proceeds from the alleged Agape fraud.
Thursday, July 2, 2009
Monday, June 29, 2009
Madoff sentenced to 150 years
NEW YORK (CNNMoney.com) -- A federal judge sentenced Bernard Madoff, the convicted mastermind of the largest and most sweeping Ponzi scheme ever, to the maximum sentence of 150 years in federal court Monday.
Judge Denny Chin of U.S. District Court in New York announced the sentence just moments after Madoff apologized to his victims.
Chin, who called Madoff's crimes "extraordinarily evil," said the maximum sentence was important for deterrence, and also for the victims, many of whom erupted into applause after the judge announced the sentence. Many hugged and some of them broke down in tears.
"The sentence imposed today recognizes the significance of Bernard Madoff's crimes," Lev Dassin, acting U.S. attorney, said in a written statement.
The 150-year sentence is the maximum that federal prosecutors in New York requested, based on the number of Madoff's victims, the amount of money he stole and the extent of the damage he caused. Judge Chin said that the Federal Department of Probation had recommended a 50-year sentence.
Victims had urged the judge to dole out the stiffest punishment possible. "We implore you to give the maximum sentence at a maximum prison for this deplorable low life," said one of the victims in court before Madoff spoke. "This is a violent crime without a tangible weapon."
"We are committed to bringing additional charges against anyone else who bears criminal responsibility," said Dassin, in a written statement. "At the same time, we are focused on tracing, restraining and liquidating assets to maximize recoveries for the victims."
Sunday, June 28, 2009
Santander Spanish branch in Madrid
Many financial institutions have been hit by Mr Madoff's alleged fraud
Spanish bank Santander says it will compensate private clients who suffered
losses from the alleged fraud run by US businessman Bernard Madoff.
The bank said it will offer clients a 1.38bn euro ($1.8bn;£1.3bn) settlement.
Santander is being sued over claims it did not do enough to prevent losses in
funds that invested with Mr Madoff.
He is accused of perpetrating one of the largest-ever Wall Street frauds,
through a $50bn (£33.2bn) scheme that wiped out many investors.
Santander is the largest bank in the eurozone and owns Abbey and Alliance &
Leicester in the UK.
Santander has said its customers have exposure of 2.3bn euros to Mr Madoff
through its private banking business, Optimal.
The bank will issue 1.38bn euros worth of preferred shares to compensate
individual customers. The move will cost the bank 500m euros.
It said that it had decided to offer compensation because of the "exceptional
circumstances" and to maintain its business relationships with clients affected
by the alleged fraud.
Spanish law firm Cremades & Calvo-Sotelo said that it had filed a class action
suit in Florida with its US partner firm Labaton Sucharow.
The lawsuit claims that Santander was negligent in allowing its Optimal
Strategic US equity fund to invest with Mr Madoff.
Santander said in a statement that it acted in accordance with all applicable
laws and sound banking practices and procedures.
"Grupo Santander has acted at all times with the due diligence in the management
of its clients' investments," it said in a statement.
The Madoff scandal has hurt a number of high-profile banks and financial
Austria has taken control of Bank Medici, a small, private bank, because of the
losses it sustained.
In the UK, the Serious Fraud Office has said it would investigate Mr Madoff's
Marc Gross, of the US law firm Pomerantz, which represents some of Mr Madoff's
clients, told the BBC that the compensation was "very significant".
"I think it's taking ownership of the problem, taking accountability and
standing up and saying we are going to reimburse... those who've been defrauded
David Friehling is charged with deceiving investors
US prosecutors have charged the long-term accountant of disgraced US financier
Bernard Madoff with fraud.
David Friehling, 49, has also been charged with aiding and abetting fraud, and
four counts of filing false audit reports. He has been released on bail.
Madoff pleaded guilty to all 11 charges against him when he appeared in a New
York court last week.
He has always insisted he acted alone in masterminding an estimated $50bn
(£35bn) investment fraud.
Madoff, 70, has now been remanded behind bars ahead of his sentencing in June.
He could receive a sentence of up to 150 years.
He ran a Ponzi scheme, whereby early investors were paid off with the money
injected by new clients.
Mr Friehling, faces up to 105 years if found guilty of the charges he faces.
Although Mr Friehling is not charged with knowledge of the Madoff Ponzi scheme,
he is charged with deceiving investors by falsely certifying that he audited the
financial statements of the Madoff business
Acting US district attorney Lev Dassin
Acting US district attorney Lev Dassin said that Mr Friehling's company,
Friehling & Horowitz, was the accounting firm that "purportedly" audited the
accounts of Bernard L Madoff Investment Securities between 1991 and 2008.
"Mr Friehling is charged with crimes that represent a serious breach of the
investing public's trust," said Mr Dassin.
"Although Mr Friehling is not charged with knowledge of the Madoff Ponzi scheme,
he is charged with deceiving investors by falsely certifying that he audited the
financial statements of the Madoff business."
'Lied to investors'
Mr Dassin added that Mr Friehling was paid approximately between $12,000
(£8,600) to $14,500 a month by Madoff between 2004 and 2007.
Madoff arriving for Thursday's court hearing
Madoff has insisted he acted alone
"Simply put, Friehling failed to do his job, and lied to investors and
regulators in saying that he did," he said.
US commentators have said that Mr Friehling ran his accounting business from a
nondescript suburban building north of New York City.
Wednesday, June 24, 2009
by Michael H. SamuelsPublished: June 24, 2009Tags: Bank of America, Jacob Zamansky, Nicholas Cosmo
Manhattan attorney Jacob Zamansky confirmed Wednesday that he is combining his lawsuit against Bank of America with two other class action suits also filed in federal court.
Zamansky said the new complaint will be filed within the next 30 days.
“It’s just the way class actions work,” Zamansky said. “The judge and the defendants want one class case to respond to. We agreed to work together.”
Zamansky said he will be the point-person for the new consolidated complaint.
His original suit, on behalf of victims of Nicolas Cosmo’s company Agape World, stated that Bank of America “aided and abetted, encouraged, and rendered substantial assistance” to the alleged $413 million fraud.
The suit also claimed that futures trading companies are at fault because Cosmo had been barred from associating with the securities industry. Zamansky’s suit said that the trading companies should havealso verified the “source and propriety” of the millions that came from a convicted felon.
Cosmo has been held in jail since he was arrested on Jan. 26. On Tuesday, he was denied bail for a third time, but he is expected to be released later this week.
Tuesday, June 23, 2009
Its a long boring story and it wont get us a single cent if he walks or stays locked up, so i'm going to work on Friday and leave the media to fend for themselves.
If any of you are interested in attending.... same place as usual.
see link below for story
Saturday, June 20, 2009
Friday, June 19, 2009
by David Winzelberg
Published: June 18, 2009
Bankruptcy attorneys are trying to force a Woodbury restaurant to produce its financial records because alleged swindler Nicholas Cosmo put more than $1 million into the business.
Attorneys from Jericho-based SilvermanAcampora, who are acting as trustees for the liquidation of Cosmo’s firm Agape World, have filed a motion in federal bankruptcy court to get the owners of Speranza Food Studio at 7940 Jericho Turnpike to reveal its financials to help determine the size of Agape’s investment in the eatery.
So far, according to attorney Ken Silverman, Speranza’s owners have not yet complied.
Speranza received its Certificate of Occupancy from the Town of Oyster Bay in February and it opened soon after. The restaurant’s owners had been honoring gift cards given to Agape investors for a month or so, but stopped recently, according to a card holder who tried to use his. Cosmo had issued thousands of dollars in Speranza gift cards.
Sources say the Agape chief had as much as a 33 percent stake in the restaurant.
Records show the owner of Speranza is listed as a corporation called 7940 Jericho Turnpike, the address of which is 135 Crossways Park Drive in Woodbury. That’s the same address as EKN Financial Services owned by Anthony Ottimo, and Jet One Jets, headed by Louis Ottimo.
Another member of the family, Richard Ottimo, told LIBN in February that all gift cards from Agape World would be honored as soon as he figured out how to limit customers from spending them all at once.
One Agape investor said he used the $2,000 gift card he got from Cosmo only twice, before he was told that the card was dead.
Ottimo referred requests for comment to his attorney Stuart Berg, who couldn’t be reached.
Cosmo served 21 months in prison for a 1999 securities swindle and was ordered to undergo therapy for gambling addiction. He is currently being held at the Nassau County jail after being indicted for defrauding investors out of $413 million in an alleged Ponzi-type scheme. Cosmo has yet to make the $1.25 million bond set for him a few weeks ago.
An attorney at SilvermanAcampora said an Agape World bankruptcy hearing scheduled for June 23 has been rescheduled for July 2.
Saturday, June 13, 2009
Bob and I have been waiting for days to talk to the trustees office about our concerns of settling for such a small portion of the debt with promac.
Today, Bob and I finally had the chance to conference with them.
They made a strong argument for settling.
The facts as presented to us were these:
They hired a forensic accountant to go over the promac books (promac was very cooperative).
It seems Agape was the only company "funding" promac loans to vendors.
We were in fact the "promac bank".
Promac took our 5 mil and gave it out as loans to 65 or so vendors (pizza places, etc).
5 of those vendors went belly up. The others are making payments as promised.
If the trustee forced his hand and decided he wanted more than the 2 million, they would have to close up shop and the company would be worth 1.7 mil before liquidation. After liquidating we'd walk away with 1.4 million or so.
So, the trustee decided to allow them to settle at 2 million instead.
I cant say that I completely understand the mechanics behind this strategy, but that is what they told us.
Should we file an objection?
I dont know at this point. But please, please, PLEASE !!! Dont follow me on this one. I'm telling you... I'm not sure!
Every one of you has the right to file an objection if you feel its appropriate. There will be no repercussions.
No one will fault you. You have to follow your heart.
the trustee said they would broadcast a clear explanation of the strategy by outlining the steps they took in making the decision in the next few days for us (all) to review.
I'm going to see what they post and decide at that time how I feel about filing an objection.
Sunday, June 7, 2009
2. The sports complex in hauppague was sold for 3.4 million.
Cosmo having given Promac 5.2 million dollars owned 20% of Promac under the corporate name "esau". So in fact the trustees office and the creditors should have automatically been entitled to 20% of promacs net worth (or gross, - not sure) and/or ownership rights.
Cosmo forced into bankruptcy is now being forced to liquidate all his assets to make creditors whole.
Why liquidate Promac interest? Its not Real Estate that has to be managed, such as the Sports Complex. Its a viable business operated outside of Cosmo, Agape or creditors day to day operations obligations. It runs without any responsiblity on our part.
I'd rather we continue to hold that 20% share as a new "creditors corporation" and be assigned individual shares accordingly.
Once the shares are assigned to us individually, we can chose to hold and receive interest on them or sell them to other parties.
Another upside, we dont loss 3.2 million in a negotiation process and or a percentage to Trustees office as a fee.
Monday, June 1, 2009
It would seem that as the weeks go by, a great number of us have come to accept our losses with less anxiety. That is not to say that we have decided to walk away from them, but slightly complacent.
I guess its a good thing to move on with our lives while the government and attorneys work towards some justice and recovery for us.
Personally, I cant help feeling that we should continue to keep the pressure on. My gut tells me that BOA is geared up for a fight. Certainly, it would be cheaper to have a small army of attorneys (already on retainer) keep this thing in court until our children and grandchildren might see some closure, however, If we make enough noise and ask the average American consumer to sanction BOA for aiding a criminal to bilk $400 million from honest hard working fellow Americans... Maybe the potential "bad press" and "lost revenue" might encourage them to play fair.
So the question is... If we organized monthly protest against BOA, How many of us would attend?
If you are interested in responding, please do so in the yahoo group "poll" section.
I hope your day is whatever you want it to be.
Saturday, May 23, 2009
3 of the bigger agape brokers (two of them brothers) have agreed to (some kind of injunction) give up assets.
The trustee has identified but not verified 130 million dollars in claims thus far from 3200 victims and believes a fair portion of them will be erroneous.
The sports facility has multiple offers and great interest from potential buyers.
The trustee asked the court to allow them to abandon misc items left behind at agape offices after auction (no value)
Wednesday, May 20, 2009
10:53 PM EDT, May 19, 2009
It will cost the accused mastermind of a $413-million Ponzi scheme another $500,000 to get out of jail.
A federal judge ruled Tuesday that Nicholas Cosmo, the former head of Agape World in Hauppauge, could be released on bail if he comes up with a bail package totaling $1.25 million, significantly more than the $750,000 bail set by a federal magistrate at the end of last month.
Rejecting an appeal by federal prosecutors that Cosmo was too much of a flight risk to be granted any bail, U.S. District Judge Denis Hurley in Central Islip nevertheless conceded that "in the right situation, the defendant will take advantage [to] extricate himself."
But Hurley said the new bail package would lead to the financial ruin of his nearest relatives if he fled. Cosmo's assets are frozen by the government. The bail is guaranteed by his parents and his sister and brother-in-law's assets, plus they'd be responsible for hundreds of thousands of dollars more if Cosmo fled, Hurley said.
Hurley ruled after a number of investors in Agape argued in court that Cosmo could not be trusted to be released on bail because of the callous way he looted them of tens and hundreds of thousands of dollars.
The new bail package should eliminate "the high probability that he will skip town" under less onerous conditions, Hurley said. Cosmo, 38, of Lake Grove, had been held in federal detention since he was arrested on fraud charges in January.
The judge "ruled bravely in accordance with the law," said Cosmo's attorney, Stacey Richman of the Bronx. "The purpose of bail is not to punish." Richman said his client's family would meet the bail conditions.
Federal prosecutor Grace Cucchissi said, "We respect the judge's decision. The overall package will give the defendant pause if he thought to flee."
Until Cosmo meets all the conditions the judge set, in addition to the increase in the bail amount, he will not be released. If he is released, he will go to his parents' home in Wantagh. Richman said the release might take several days.
The judge ruled that before Cosmo could be released he wanted an accounting of all the tangible assets supporting the package. This would require appraisals of the parents' and sister and brother-in-law's homes, and the freezing of the parents' money market fund, the mother's savings account and the brother-in-law's 401(k) pension.
The estimated total value of these funds and properties is several hundred thousand dollars less than $1.25 million, Hurley noted, but if Cosmo should flee, the government will go after the relatives for the total amount.
Monday, May 18, 2009
Sunday, May 17, 2009
I'm not clear on the time (I thought I read online it was scheduled for 2:30pm), but if anyone knows for sure, please let the group know.
Here's a little Song Cosmo is surely singing whenever he thinks about his upcoming bail hearing and release from the pen.
Any you can bet, he "will be ramblin" if he's released.
Saturday, May 16, 2009
Jacob Zamansky is Working the Third party class action.
Ken Silverman is Working the hidden assets bankruptcy angles.
Bob Mcmanus and I are trying to have the courts appoint a creditors committee.
Cosmo is still behind bars.
Hang in there.
Live your life to the best of your ability. "This too will pass"
Sunday, May 10, 2009
Friday, May 8, 2009
google "BOA Bailout" and see how crazy this is for yourself.
They assist in a criminal fraud activity and the government bails them out...
great system aint it?
Friday, May 1, 2009
by David Winzelberg
Published: May 1, 2009
Tags: Agape World, fraud, Nicholas Cosmo, Ponzi schemes
Nick Cosmo, who allegedly ran a Ponzi scheme, may not end up the only Agape World associate behind bars.
After appearing in federal court clean shaven and sporting an orange jumpsuit, accused Ponzi schemer Nicholas Cosmo’s bail was set at $750,000 Wednesday, an amount his attorney said might be attainable.
But while Cosmo tries to get out of jail, some of his Agape World associates are worried about being sent to slammer themselves.
Cosmo, who has spent more than 90 days at the Nassau County jail in East Meadow, in solitary confinement for his protection authorities say, is so far the only person arrested in the alleged scheme which feds say took in more than $410 million from as many as 6,000 investors.
But LIBN has learned that federal investigators are “looking at everyone” who may have worked for Agape World or solicited investors, and they say more arrests are likely.
The feds won’t say which of Cosmo’s cohorts will wind up being charged, but they will likely focus on some of the more prolific Agape representatives and sub-reps, who made more than $55 million in commissions, according to a U.S. Attorney’s complaint.
While at least three Agape representatives had criminal records before they began selling Cosmo’s investment offerings, some were cops. And many were family.
Named in a class-action lawsuit filed against Agape in February were former Nassau policeman Martin Hartmann, 63, of Massapequa, and his son Martin Hartmann, 34. Both were sub-reps of Long Beach resident Jason Keryc, 31, who the feds say made more than $15 million in Agape commissions within two years. Jason’s brother Michael Keryc, 34, of Baldwin, was also an active member of the team.
Others under the feds microscope include Anthony Ciccone, a former clerk at a Manhattan post office, and his brother Sal Ciccone, both from Maspeth. The Ciccones received nearly $17 million in payments from Agape and its subsidiary Agape Merchant Advance, according to the federal complaint.
Two other brothers, Hugo and Bryan Arias, also of Maspeth, worked out of Agape’s office in Jackson Heights and got nearly $10 million from the company, the feds have charged.
Agape reps Mario Restrepo and Juan Carlos Munoz had nearly 200 clients throughout Florida and North Carolina, according to former client Elena Alania, who was one of them. Alaina, a student at the University of North Carolina, lost the $250,000 she invested with Restrepo in Agape World.
Some Agape reps declined to comment and the others didn’t respond.
The class-action suit alleges that “all members of the Agape enterprise had actual knowledge of the illegal activities.”
And it isn’t just Agape reps the feds have looked at.
Cosmo’s accountant Gary Cusenza of Bethpage acknowledged that the FBI had questioned him about his client’s alleged fraud, but he said investigators only showed a “minor” interest.
“I’m not in their sights,” Cusenza said.
One investor said Agape’s loan originator Rich Barry worked closely with Cosmo. Barry has kept a low profile since Cosmo’s arrest and didn’t return calls for comment.
Also under scrutiny are the Agape investors who started their own feeder fund companies, which unwittingly helped to funnel more millions into Cosmo’s coffers.
Owners of one East End feeder fund company actually copied Agape World contracts and used them to sign up about a dozen investors. That company is making arrangements to reimburse its clients by giving them parcels of property that it owns in the Carolinas to make up for their losses, according to one of the firm’s principals.
Thursday, April 30, 2009
I'll let you read the official minutes of the meeting when they're ready to be posted, but over all - the "interim trustee" was appointed "permanent trustee".
I was happy to see so many in attendance. I'd like to think that maybe some of you might have heard my plea for support and came forward to show your appreciation and concern.
Finally, I would like to suggest that you all go to
"http://www.zamansky.com/cases/agape-investors-bank-of-america-mf-global-class-action.html" and read about the work Jake and his team of hard working, committed professionals are doing. Its seems they have really made significant headway in the class action suit.
Its also a good place to register to be included in his database of victims.
A special thanks to Ken Silverman, Ron Freidman, Rachael E. Dioguardi
Jacob H. Zamansky, Edward H. Glenn, Jr., Steven N. Berk, Christopher Seeger, Stephen Weiss and of course AMBER !
- ► 2010 (11)
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- We need to support the "prosecutor" if we want a s...
- Is BOA next?
- Madoff accountant on fraud charge, how about cosmo...
- CLASS ACTION UPDATE
- COSMOS RELEASE DELAYED
- NYS TAX BREAK
- Lawyers want books opened at Agape-funded restaura...
- Promac settlement of 2 million...
- Check this out... Its important.
- Updates of agape auction and proposal to settle de...
- Another week gone by.
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