Friday, April 24, 2009

Cosmo Indicted

As we covered last week, fraudster Nicolas Cosmo was indicted yesterday. Authorities unsealed a 32-count indictment against Cosmo that includes 10 counts of wire fraud and 22 counts of mail fraud. Cosmo claimed Agape solicited investor funds that were used to make short-term bridge loans. Agape received about $413 million from investors, while only about $30 million in loans were made, prosecutors said. According to, prosecutors said they are seeking about $413 million in assets which they say are the proceeds of Cosmo’s illegal enterprise, including property on Long Island and accounts in his name at Bank of America Corp.

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