NY Investment Exec Charged In $370M Ponzi Scheme

Law360, New York (January 28, 2009, 12:00 AM EST) -- The president of a Long Island, N.Y., investment firm is facing criminal charges alleging he bilked investors out of more than $370 million by telling them he was investing their money in bridge loans for businesses.

Nicholas Cosmo, 37, has been charged with mail fraud and is scheduled to appear in court Thursday for a detention hearing, according to documents filed in the U.S. District Court for the Eastern District of New York.

Cosmo, the owner and president of Agape World Inc. and Agape Merchant Advance...
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