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 Post subject: Re: Agape World inc
PostPosted: Mon Jan 26, 2009 3:54 pm 
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Posts: 10
Ravi, do we really know if there are defaulting loans? Why at the seminar did they tell us they had 6500 clients?


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 Post subject: Re: Agape World inc
PostPosted: Mon Jan 26, 2009 3:58 pm 
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FEDERAL Investagators are looking into possible financial malfeasance, checks stopped coming to investors last summer....

One of the investors (Nick Restivo) invested a six figure amount with them and is shown screaming and yelling.


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 Post subject: Re: Agape World inc
PostPosted: Mon Jan 26, 2009 4:12 pm 
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http://www.nbcnewyork.com/news/local/Fe ... cheme.html


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 Post subject: Re: Agape World inc
PostPosted: Mon Jan 26, 2009 4:21 pm 
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hartbeat50 wrote:
Ravi, do we really know if there are defaulting loans? Why at the seminar did they tell us they had 6500 clients?


I did not attend the seminar. But i did meet with Anthony Massaro on Friday the 23rd and that is the information he gave me.


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 Post subject: Re: Agape World inc
PostPosted: Mon Jan 26, 2009 4:34 pm 
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Posts: 54
http://www.bloomberg.com/apps/news?pid= ... 0Ko2Tazlcw

"Jan. 26 (Bloomberg) -- U.S. authorities obtained an arrest warrant for a New York businessman in connection with an alleged $380 million Ponzi scheme, a person familiar with the case said.
Agents with the U.S. Postal Inspectors Service and Federal Bureau of Investigation are seeking Nicholas Cosmo, founder of Agape World Inc. in Hauppauge, New York"

Its official, an arrest warrant has been issued

Can someone please post this on FW so Lide will shut up. Is he serious???


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 Post subject: Re: Agape World inc
PostPosted: Mon Jan 26, 2009 4:59 pm 
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Posts: 29
hartbeat50 wrote:
Ravi, do we really know if there are defaulting loans? Why at the seminar did they tell us they had 6500 clients?


There are no loans!! It was a scam. The money is gone. Nick is a liar. What is it going to take for people to realize they have been robbed.


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 Post subject: Re: Agape World inc
PostPosted: Mon Jan 26, 2009 6:05 pm 
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Joined: Mon Jan 26, 2009 5:53 pm
Posts: 3
Hi,
I'm new here to this forum....I invested in Agape Merchant about 10 mons ago...25k. I always got my check around the 15th of each month. Till this month Jan...I hope it doesnt end up being a Ponzi Im trying to be optimistic here. Is anyone else in the Merchant? Let me know. Lets hook up at a applebee's on LI somewhere. I really need to talk to other investors about this whole thing, lol. John


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 Post subject: Re: Agape World inc
PostPosted: Mon Jan 26, 2009 8:04 pm 
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Joined: Thu Jan 22, 2009 5:58 pm
Posts: 18
I wish all of his investors the best. AGAPE did fund a project in Maine, at least they began to fund us. We did receive 27% of the funding to pay construction costs, another 20% +/- is now due but will likely not come through. This may force us to shut down until we find alternate funding. I have spoken to many of the investors who were told that my project was one of the projects that defaulted. We are in no default of any kind. It looks like it will be the other way around for the time being. I have left my info for anyone to contact. I am truly sorry for your potential losses. I can't tell you how important the funding was to us - but I am sure it pales in comparison to people losing their savings.
Art


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 Post subject: Re: Agape World inc
PostPosted: Mon Jan 26, 2009 9:01 pm 
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Joined: Tue Dec 09, 2008 11:32 pm
Posts: 3
Art, are you kidding??? You are saying that AGAPE really gave money to construction companies????????


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 Post subject: Re: Agape World inc
PostPosted: Mon Jan 26, 2009 10:02 pm 
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Joined: Sun Dec 21, 2008 7:07 am
Posts: 8
http://agapequestions.webs.com/

Here are some pictures of Nick being taken into custody for all of you that are not "true believers"


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 Post subject: Re: Agape World inc
PostPosted: Tue Jan 27, 2009 11:05 am 
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Joined: Thu Jan 22, 2009 5:58 pm
Posts: 18
bim

Yes. I actually did recieve some funding for a project. Only about 25 - 27% of the construction funding came through, with another $255,000 due now. I probably will not see that. The entire project was $993,000 and is about 45% complete. Fortunately, I may be able to obtain other funding for the project to continue - but it will not be easy. The people who should really be given help and support are those who invested in AGAPE and are now at risk for much of their savings and or even all of their savings. We had a partner/investor who was not able to contribute to the project as he had hoped, and he asked if we could contact AGAPE to see if they would take his place in the project. AGAPE took over for him and promised to fund the project. While funds were alwasy ontime and in full, we had no reason to suspect anything wrong. We will have to continue to push forward and hope to complete the project in another manner. But, yes! we did actually get funding - only about $279,000 (of which $44K went to the modular dealer/manufacturer) and the balance of $235K was distributed over subs and vendors and on site work. We actually received the first 2 duplexes, and set them on foundations on January 22nd and 23rd just last week.


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 Post subject: Re: Agape World inc
PostPosted: Tue Jan 27, 2009 12:04 pm 
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Posts: 54
Cosmo, Accused of Ponzi Scheme, Raised $370 Million, U.S. Says

By Charles Carter

Jan. 27 (Bloomberg) -- Nicholas Cosmo, founder of Agape World Inc. in Hauppauge, New York, was charged with defrauding 1,500 investors of more than $370 million, U.S. authorities said.

Cosmo, arrested yesterday in New York, claimed to be in the lending business. He lent only $10 million of the money raised, according an affidavit supporting a warrant authorizing a search of his offices

He lost 80 percent of $100 million he used in commodities futures trading, according to the affidavit.

Last Updated: January 27, 2009 11:26 EST

(This means he raised 370 million from investors, lent out 10 mil as legitimate business, and lost 80 million in his trading account. The rest is in those huge houses and cars we see the brokers having)


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 Post subject: Re: Agape World inc
PostPosted: Tue Jan 27, 2009 1:37 pm 
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Joined: Tue Jan 27, 2009 1:35 pm
Posts: 1
Another article highlighting this:
http://eastofnyc.typepad.com/thebuzz/2009/01/trouble-at-speranza-food-studio.html


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 Post subject: Re: Agape World inc
PostPosted: Tue Jan 27, 2009 4:45 pm 
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Joined: Tue Jan 27, 2009 4:42 pm
Posts: 3
NY Post:
LI 'MADOFF' ORDERED HELD WITHOUT BAIL
ACCUSED OF HEADING $370M PONZI SCHEME

The accused Long Island head of a $370 million Ponzi scheme was ordered held without bail today after prosecutors revealed how he spent millions on a lavish lifestyle, bad investments and huge fees to his aides.

Nicholas Cosmo, 37, conned more than 1,500 people to invest in "bridge loans" through his firm, Agape World, with promises of up to 80 percent a year in interest, authorities said.

But only $10 million of the $370 million actually went to loans, they said. Instead:

-- Cosmo, who had a gambling problem, lost $80 million on commodities futures since 2003.

-- He spent $100,000 on personal expenses such as a jewelry, limos and hotel rooms.

-- Another $300,000 went for a children's baseball league he ran as its president.

-- Ten Agape brokers, including three with criminal records, received fees of $55 million.

-- Cosmo paid off more than $200,000 in restitution from a previous fraud conviction with money from his new clients.

"It's playing out like a textbook Ponzi scheme," Postal Inspector Al Weissmann said.

In fact, prosecutors said only $746,000 was left in Agape's bank accounts and investigators said they were looking for other accounts.

Federal Magistrate E. Thomas Boyle denied Cosmo's efforts to get bail after prosecutor Grace Cucchissi opposed it "because we do not know where the money is."


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 Post subject: Re: Agape World inc
PostPosted: Tue Jan 27, 2009 4:47 pm 
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Joined: Tue Jan 27, 2009 4:42 pm
Posts: 3
CNBC
Accused Swindler Cosmo Owed Thousands to Mob

Accused Ponzi-schemer Nicholas Cosmo onced owed tens of thousands of dollars in gambling debt to the Genovese crime family, the latest twist in a scheme federal authorities believed bilked small investors out of $370 million, according to people familiar with the case.

Unlike Bernard Madoff, who is accused of bilking wealthy individuals and nonprofits, Agape World investors are more "blue collar and they invested their life savings," Michael Kessley, a forensic accountant hired last year to investigate the firm, told Newsday.


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