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)
Saturday, May 23, 2009
Wednesday, May 20, 2009
Bail increased
BY ROBERT E. KESSLER | robert.kessler@newsday.com
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.
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
CONFIRMED...
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.
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"
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
Watch Dateline msnbc this Sunday 7pm... agape expose
Our first in a series of attempts to gain public awareness
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Our Strength and Unity
