Saturday, May 23, 2009

Recent Bankruptcy Conference

Trustees office updated the court with:

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

Bail increased

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


There is a hearing on the US Attorney’s Appeal of the order by Judge Doyle granting Cosmo bail. US Attorney is appealing in an attempt to keep Cosmo in jail or have the bail set higher than $750,000. It’s at 2:30, same courthouse in front of Judge Hurley.

Sunday, May 17, 2009

Bail hearing Tuesday May 19th 2009

I hope we can find the time to lend support to the Prosecutor.
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

Been Weeks since last post...

Not for lack of interest. Nothing new or relevant to report.
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"

Friday, May 8, 2009

Watch Dateline msnbc this Sunday 7pm... agape expose

Our first in a series of attempts to gain public awareness

Bank of America taking more tax payer money...

when does it end?
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

Names named !!!

Feds: More Agape World arrests likely
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.

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