NEWLY DISCLOSED PONZI SCHEME COST MEMBERS 380MLN USD

Updated: 01/27/2009 13:07
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One more Ponzi scheme has been discovered by the US authorities According to Nicholas Cosmo his investment firm has defrauded about 1500 investors

One more Ponzi scheme has been discovered by the US authorities. 37-year old Nicholas Cosmo, CEO of Agape World Inc., has turned himself in late Monday after FBI and US Postal Inspection Service officials raided the financing firm's Long Island, New York headquarters. According to Nicholas Cosmo his investment firm has defrauded about 1500 investors and stolen about 380 million dollars (288 million euros). However, speaking with Long Island Business News, a few hours after the arrest Nicholas Cosmo has deflected accusations.

Long Island paper also reported that Cosmo has founded his business 9 years ago in 2000 when he was just broken out of federal prison where he served time for defrauding investors of a Long Island securities dealer. The company was offering its investors to get up to 14% in as little as 72 days, according to the Long Island paper.

Up to that date the largest scam was the pyramid of Bernard Madoff which has been disclosed after the owner, Madoff, has told one of its executives about $50 billion he had scammed. At the moment Madoff is under house arrest awaiting an indictment.

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