U.S. Said to Seek Cosmo in $380 Million Ponzi Scheme

[Robbien]

Source: Bloomberg

Jan. 26 (Bloomberg) -- U.S. authorities are searching for a New York businessman after failing to arrest him in connection with an alleged $380 million Ponzi scheme, a person familiar with the case said.

Agents with the U.S. Postal Inspectors Service and Federal Bureau of Investigation are seeking Nicholas Cosmo, founder of Agape World Inc. in Hauppauge, New York, said the person, who wasn’t authorized to speak about the case. They unsuccessfully sought to arrest Cosmo earlier today at his office and executed a search warrant of the premises and could be seen carrying out boxes of documents from the office.

. . .

Agape World “works with you and your potential project to help raise assets to meet approval for traditional lending at a later date,” according to the firm’s Web site, which shows images of skyscrapers under construction and building sites. “We arrange Equity Participations, Joint Ventures, Acquisition Loans, Bridge Loans, Construction Loans.”

. . .

In an October interview with Bloomberg at his Hauppauge office, Cosmo insisted he wasn’t operating a Ponzi scheme after being asked about his prior federal conviction.

Cosmo said he arranges the loans, which are then funded by his investors. He says sample investors include FBI agents, New York State Police officers, hedge funds and retirement plans.

“How could we not be legit,” he said.



Read more: http://www.bloomberg.com/apps/news?pid=20601087&sid=aYQNrlqJxr18&refer=home

---

Another ponzi, only this one actually run by a proven crook who previously sat in the penitentiary for two years for being a swindler.