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 Bloomberg.com, 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.



Share this article with your social network, just click below to share now!


No comments: