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.

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Cosmo fraud amounts increase

According to Bloomberg, Nicholas Cosmo swindled investors out of more money than originally believed. Up from $370 million, investigators found out that he defrauded investors around the world from $413 million. Investors came from many countries such as Hong Kong, Germany and Brazil. He has been in jail since January 26, when he was arrested on federal mail charges.

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