Thursday, November 12, 2009

Santa Claus is coming to town .... "not".

Ponzi scheme victims to get checks soon

Nicholas Cosmo arrives at federal

Photo credit: Newsday File / Oct. 8, 2009 / James Carbone | Nicholas Cosmo arrives at federal court in Central Islip.

On one hand, Dom DiColandrea, one of the victims in the Ponzi scheme allegedly run by Nicholas Cosmo, is encouraged he's going to see a share of the money recovered by the court-appointed trustee of Cosmo's bankrupt company.

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

Regarding the Yahoo group "agape" website

Its been a several weeks since any of you have heard from me on "agape".
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


Court Dates:

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.

Another property sold and the brokers have their assets seized

Ponzi-schemer Nicholas Cosmo’s Louisiana land nets $850K for
Long Island Business News, Oct 30, 2009 by David Winzelberg
A Mississippi River tugboat company paid $850,000 for a 25-acre industrial property in southern Louisiana owned by Agape World, the Hauppauge-based company run by alleged Ponzi-schemer Nicholas Cosmo.
Gordon Konrad, chief of Belle Chasse Marine Transportation in Jefferson, La., was the winning bidder for the land located about 15 miles southeast of New Orleans, which it will use as a boat launch and barge service center.
Cosmo, who is currently in a Nassau County jail awaiting trial for allegedly scamming thousands of investors out of $413 million, 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.
Agape World bankruptcy trustee’s designated auctioneer, Plainview- based David R. Maltz & Co., sold the land Monday.
Maltz already sold Cosmo’s Mercedes for $47,000 and his indoor sports complex in Hauppauge for $3.4 million. After the Louisiana land sale, the auctioneer will get a crack at property owned by Agape brokers and sub-brokers, which the feds have been systematically seizing in the last few months.
The U.S. Attorney’s Office has put lis pendens filings on a number of properties owned by brokers, including a Long Beach condo and Montauk house owned by Jason Keryc, Agape World’s most prolific salesman. Keryc, who grew up across the street from Cosmo in Wantagh, paid $850,000 for the Long Beach condo in November 2006 and spent $2.7 million in July 2008 for the 10-room, nearly two-acre Montauk house.
Other assets of former Agape brokers the feds could be eyeing include a 10-room, waterfront house in Massapequa that Marty Hartmann bought in August 2008 for $1.4 million, a two-family house on City Island in the Bronx that Hugo Arias paid $730,500 for in January 2007, and a house in Bayside bought by Anthony Ciccone in August 2007 for $1.787 million. Records show that Ciccone took out a $989,508 mortgage on the house with Wells Fargo.
In the wide-ranging search to recover Agape assets, bankruptcy trustee Ken Silverman, of Jericho-based Silverman Acampora, has sued several brokers for more than $40 million so far. Among those targeted by the trustee’s claims is Keryc for $16 million, Arias for $10 million, Jose Ricardo Diaz for $8 million, Diane Kaylor for $4.75 million and Bryan Arias, Hugo’s brother, for $2 million. Pretrial conferences on these claims are scheduled for next month.
The trustee has also asked for financial information from many Agape employees, salespeople and their family members including Hartmann, Richard Barry, Brandi Keryc, Maria Mendez, Rachel Tauz and Shamika Luciano, Cosmo’s girlfriend.
The trustee has asked the court to force several futures-trading companies rent generator 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

Our Strength and Unity

Our Strength and Unity
Our Strength and Unity


About "Us"

My photo