Tuesday, March 10, 2009

Senator Schumer wants answers.

Sen. Charles Schumer has fired off a letter to the acting inspector general of the Small Business Administration, asking how Agape World found a way to score two SBA loans totaling about $50,000.
Schumer specifically questions why the SBA said yes to the loan requests when, as part of the process, the agency asks about prior convictions. Agape World chief Nicholas Cosmo had been convicted of fraud and spent 21 months in prison.
The New York senator said he’s demanding an explanation and wants the SBA to investigate the matter.
Cosmo was arrested for fraud again earlier this year and is accused of stealing $370 million from investors.

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Our Strength and Unity
Our Strength and Unity


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