New York CEO arrested over pyramid scheme: reports

[Mari333]

Source: yahoo news

NEW YORK (AFP) – Authorities have arrested the head of a New York investment firm in connection with a pyramid scheme that may have cost investors some 380 million dollars (288 million euros), US media said Tuesday.

Nicholas Cosmo, chief executive of Agape World Inc., turned himself in late Monday after FBI and US Postal Inspection Service officials raided the financing firm's Long Island, New York headquarters, a newspaper said.

Sources close to the case told the Long Island Business News that Cosmo would be charged with defrauding investors out of 380 million dollars.

Read more: http://news.yahoo.com/s/afp/20090127/bs_afp/usfinancefraudarrest_20090127070917

[HughBeaumont]

1. "There's NEVER more than one cockroach."

And you're gonna be seeing a LOT more-a them in the coming months.

Bust out the D-Con.

[Mari333]

2. man, Ive been reading the forums of the people scammed

just a lot of middle class folks who believed they could make more money

some of them on here lost 6 figures. but they were warned by others on here.. random freaking out posts...

http://www.fatwallet.com/forums/finance/865655/?start=1720

[The Backlash Cometh]

6. Money is drying up.

Harder to cheat people.

[hobbit709]

3. These two comments

The firm had offered returns for investor of up to 14 percent in as little as 72 days, according to the Long Island paper.

Cosmo, 37, founded Agape World after being released from a federal prison in 2000, after he was caught defrauding investors of a Long Island securities dealer. He was subsequently ordered to undertake gambling therapy, said the newspaper.

Should have been a giveaway. "14% in 72 days", anyone that falls for that is greedy. and greed makes you stop thinking.

[Clear Blue Sky]

4. If it's too good to be true, then it probably is...nt

[closeupready]

5. Isn't that interesting. Back when the Madoff arrest broke, comments to NY Daily News about Agape

stated, "authorities should be looking at Agape on Long Island!", if I recall correctly.

Maybe now they are listening, unlike with Madoff.

[Dennis Donovan]

7. Agape World,Inc?

That's a silly name for an investment firm. Sounds more like a dental instruments manufacturer.;)

[shanti]

8. xtian buzzword

agape...

[provis99]

9. even worse...

sounds like a porn production company.