In a plot that's starting to sound sickeningly familiar, Long Island businessman Nicholas Cosmo was arrested Monday on charges of massive financial fraud. Authorities allege that Cosmo, founder of Agape World, Inc., was running a giant ponzi scheme where old investors were paid with money he took from new investors. It's estimated that Cosmo bilked investors of up to $400 million, explaining that his company was in the business of "bridge loans." Bridge loans are small-scale business...Read Full Story
Nicholas Cosmo is the founder of Agape World, Inc., an investment firm that was recently revealed to be a giant ponzi scheme.