Thursday, July 23, 2009

He back on the Street.

Accused swindler Cosmo released on bail
by David WinzelbergPublished: July 23, 2009Tags: , , ,
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


Bail conditions for defendant Nicholas Cosmo should be finalized on Thursday, July 23, 2009 at 2 p.m. before Magistrate Judge Michael Orenstein (courtroom 840), at the United States Federal Courthouse, 100 Federal Plaza, Central Islip, Long Island, New York. If you would like to attend, please call our office the morning of July 23rd to confirm date and time.
(sent to me a few minutes ago).

Tuesday, July 14, 2009

Skank of America... WHERE DOES IT END ?

Who would want to do business with Bankof America if they knew how many people
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


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
A verdict of $141 million was returned last month against 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 Securities knew the securities it was selling were much worse than they were holding them out to be to the marketplace.
The 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.
Source: Bloomberg

Article: Suit Alleges B of A Fraud Role.(National/Global)(Bank of America Corp.)(Brief article)
Article from:
American Banker
Article date:
March 30, 2009

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Davis, Paul

More results for:
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...

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


Scavenger hunt widens for Agape assets
by David WinzelbergPublished: July 10, 2009Tags: ,

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

Anyone interested in talking to ...

Arthur Delaney
Reporter for the Huffington Post
(646) 415-1161

He's looking for stories on how this agape scam has affected your lives.
emial him at:

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