Nicholas Cosmo: Difference between revisions

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Line 1: ~~{{Inappropriate tone\|date=April 2010}}~~ '''Nicholas Cosmo''' (born 1971) was arrested January 26, 2009 on charges of an estimated $370–400 million [[Ponzi scheme]]. Cosmo is alleged to have conducted the scheme using his company Agape World Inc. in [[Hauppauge, New York]], which claimed to make its profits via commercial [[bridge loan\|bridge lending]].<ref name="agapeworld">[http://www.agapeworldinc.net/ Agape World website]</ref> Authorities arrested him in [[Hicksville, New York]]. Cosmo was arraigned in [[Islip (CDP), New York\|Islip, New York]] on January 27, 2009 on charges of [[mail fraud]].<ref name="reuters">[http://news.yahoo.com/s/nm/20090127/us_nm/us_agape "Financier Arrested on Charges of $400 Million Ponzi Scheme" Reuters via Yahoo News (January 27, 2009)]</ref><ref name="bloomberg">[http://business.theage.com.au/business/world-business/us-police-nab-us380m-ponzi-schemer-20090127-7qcy.html "US Authorities Allege $380 Million Scheme", Bloomberg News via ''The Age'' (January 27, 2009)]</ref> Cosmo had previously been convicted of felony fraud in 1999, and had served his sentence of 21 months in prison for the offense.<ref name="reuters"/> On October 14, 2011, Cosmo was sentenced to 25 years in prison.<ref>[http://news.yahoo.com/mini-madoff-gets-25-years-400-million-ponzi-185646966.html "Mini-Madoff Gets 25 Years", Reuters via Yahoo News (October 15, 2011)]</ref> ==Money From Agape World Used To Pay Fine From Previous Conviction== Line 48 ⟶ 49: [http://libn.com/spacedout/2009/06/04/34m-buys-cosmo%e2%80%99s-field-of-dreams "Cosmos field of Dreams Sold For 3.4M", ''Long Island Business News'' (June 4, 2009)] [http://www.newsday.com/business/ny-bzcosmo2412910016jun23,0,2355741.story,"Accused Ponzi schemer Cosmo denied bail, for now" ''Newsday'' (June 23, 2009)] [http://online.wsj.com/article/SB125512102113876805.html "Judge Revokes Cosmos Bail", ''Wall Street Journal'' (October 9, 2009)] [http://www.businessweek.com/ap/financialnews/D9J5IJPO0.htm "Cosmo Pleads Guilty" ''Business Week '' (November 1, 2010)]