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 Post subject: Agape World, Inc. -- Nicholas Cosmo
PostPosted: Thu Sep 25, 2008 8:30 am 
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Joined: Thu Sep 20, 2007 10:00 pm
Posts: 19
Does anyone have any information on Agape World, Inc. or its President, Nicholas Cosmo. There was an open discussion on this topic earlier this year but it dried up. On its website, Agape purports to be a lender of bridge loans. The money that Agape investors plunk down is supposedly loaned out to third parties. In exchange, the investors are paid extremely high rates of return.

The reason I'm asking is because a family member of mine who invested a decent sum last year just received a letter from Mr. Cosmo stating that the latest round of interest payments will NOT be paid on time. Furthermore, the investors' principal is tied up for at least 90 days as well since the recipient of the bridge loan has been unable to secure traditional financing (which would be used to satisfy the debt to Agape).

I'm told that Agape has never missed an interest payment before so my cousin is not overly concerned. However, when he told me about the rate of return that he had been earning (around 50% per year), I immediately became skeptical.

Has anyone else received such a letter? Does anyone know who the borrower is that caused this delay?

Any information would be appreciated.

Arc


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 Post subject: Re: Agape World, Inc. -- Nicholas Cosmo
PostPosted: Tue Sep 30, 2008 11:48 am 
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Joined: Tue Sep 30, 2008 11:36 am
Posts: 2
I am RECENTLY aware of this sham.

Agape World, Inc. SHOULD BE "AGHAST WORLD INC."

I am absolutely aghast that anyone would give this garbage pail a dime.

What kind of a website refers to the Founder as HE/HIS and no name?

This is PONZI SCHEME all the way.

AFTER reading your post about principal being frozen for 90 days is easy to explain. People have pulled out and he cannot pay out until more people pay in.

This clown Nicholas Cosmo is taking everyone for a ride. Anyone should be ashamed for investing in this clown.

Call the attorney general and send this guy back to prison for another 21 months. I know people who have a few hundred K in this sham and my job is to expose this guy and I will. Meanwhile.....POST A COPY OF THE LETTER HE SENT YOU NOW!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

:roll: :roll: :roll: :roll: :roll: :roll: :roll: :roll: :roll: :roll:


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 Post subject: Re: Agape World, Inc. -- Nicholas Cosmo
PostPosted: Thu Oct 02, 2008 7:29 am 
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Joined: Thu Sep 20, 2007 10:00 pm
Posts: 19
You are obviously very angry and are taking personal shots at Mr. Cosmo. I'm just trying to figure this out which is why I posted in the first place..........I need answers because my cousin is sitting on his hands and hoping for the best.

I'll send the letter I received from Agape directly to the people you know. Have them send me a PM on this forum and I'll send it to them via email. You said that they have invested large dollars. I'd like to hear from them to find out exactly what is going on in the world of Agape.

In the meantime, has anyone else received this letter or is my cousin the only one getting delayed?

Please help.

Arc


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 Post subject: Re: Agape World, Inc. -- Nicholas Cosmo
PostPosted: Fri Oct 03, 2008 1:15 pm 
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Joined: Fri Oct 03, 2008 1:09 pm
Posts: 2
I have received the letter and the only information that I have is that there is nothing we can do until the 90 days ends on 12/29. I also received a new contract and there has been a number of "additional" points added to the contract so that if something happens they can "extend" the loan with no questions asked.


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 Post subject: Re: Agape World, Inc. -- Nicholas Cosmo
PostPosted: Fri Oct 03, 2008 1:54 pm 
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Joined: Fri Oct 03, 2008 1:09 pm
Posts: 2
The Letter

As a valued investor of Agape World, Inc. and a participant in our July 18th - September 29th loan cycle, it is my responsibility to inform you that the borrower is unable to secure traditional financing on the maturity date which means that our bridge loan and the interest due all of us will not be paid back on the 29th.

Prior to Agape lending money to the borrower, they received a prior commitment for new financing but because of the current environment of tightening credit, their commitment has been delayed. We have every reason to believe that this situation is temporary and that the borrower will be able to secure the necessary financing to pay off the bridge loan with interest at a later point in time. To facilitate the process, we are extending the term of our loan for an additional 90 days.

Our loan is currently secured by a 65% LTV first position that provides all of us with the security and confidence of a tangible real estate hard asset.

This will impact Agape World and its clients as follows:

1) All investor’s contracts will automatically be extended to December 29, 2008.
2) Potential interest rate return will remain the same.
3) No fund requests will be permitted during this extension period to avoid Agape from defaulting on the borrower, thus avoiding us extending this loan to an indeterminable length of time.

With the recent solution to curb the AIG crisis and steps taken by the Federal and State government and financial institutions worldwide to provide credit and absorb debt, we believe that the market will gradually stabilize and have a minimal affect on our business. This is but a small blip in an otherwise very successful story and you are an integral part of this success. We value your business and look forward to continuing this success story for many years to come.


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 Post subject: Re: Agape World, Inc. -- Nicholas Cosmo
PostPosted: Thu Oct 09, 2008 10:10 pm 
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Joined: Wed Oct 08, 2008 12:44 pm
Posts: 1
ATTENTION: AGAPE IS a 100% FRAUD. I went to Agape last week to pull all my funds. Luckily, I was able to do so but I met with the man himself, Nick Cosmo. I asked numerous questions regarding the loans Agape offers and he could not look me straight in the face. His answers were all over the place. Please DO NOT invest your money with these scam artists. Nick Cosmo should change his name to Nick Ponzi. You're going to hear from people that they have been investing for 2 years and things have gone smoothly. FYI - Ponzi schemes take time to develop. I'm not saying you won't make some money. But don't be shocked if in the near future this "company" runs into serious financial trouble. Don't be greedy and keep your money safe.


Last edited by hBomb on Thu Oct 16, 2008 1:40 pm, edited 2 times in total.

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 Post subject: Re: Agape World, Inc. -- Nicholas Cosmo
PostPosted: Tue Oct 14, 2008 2:35 pm 
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Joined: Tue Oct 14, 2008 2:19 pm
Posts: 18
I have been an investor with Agape World Inc for 2 years. I have always received my interest payments on time. Only twice in a 9 year history of the company has an interest payment been extended. The company to my knowledge has no complaints with the BBB.


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 Post subject: Re: Agape World, Inc. -- Nicholas Cosmo
PostPosted: Sun Oct 19, 2008 12:21 pm 
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Joined: Tue Oct 14, 2008 2:19 pm
Posts: 18
It is very rare for a Ponzi scam to last 9 years especially with all the attention Agape World Inc has received. They were listed in Entrapanuer Magazine s top 100 companies. They are also members of Dun and Bradstreet and the prestegious Commercial Finance Association. The company has no complaints from the NYS Attorney General Office and I have never heard or read of any investor complaints. I have been to their office and have met with Nicholas Cosmo myself and he answered all my questions in a detailed and professional manner.


Last edited by MD1438 on Fri Oct 24, 2008 4:02 pm, edited 3 times in total.

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 Post subject: h Bomb
PostPosted: Mon Oct 20, 2008 9:20 pm 
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Joined: Mon Oct 20, 2008 9:09 pm
Posts: 7
h Bomb PLEASE EXPLAIN

ATTENTION: AGAPE IS a 100% FRAUD. I went to Agape last week to pull all my funds. Luckily, I was able to do so but I met with the man himself, Nick Cosmo. I asked numerous questions regarding the loans Agape offers and he could not look me straight in the face. His answers were all over the place

What question did you ask him?
How was he all over the place?
Why would he be like this with you of all people?
Our fellow brothers would like to know?

Thank you


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 Post subject: Re: Agape World, Inc. -- Nicholas Cosmo
PostPosted: Tue Oct 21, 2008 3:32 pm 
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Joined: Tue Oct 14, 2008 2:19 pm
Posts: 18
Mr. Cosmos was not all over the place when I spoke with him and he looked me directly in the eyes when we spoke. I am not going to get into a debate about this company. If you do not feel comfortable with your investment it is your right to take your funds out which you did, and made a profit on. I have stated the facts about Agape World Inc in my previous posting. No one has lost money with this company in it s 9 year history and it has no complaints with the Better Business Bureau or any other organization. If you, or anyone else have any hard facts that prove it is a scam everyone on this site, including myself would love to hear it. I wish you all the best with your future investments.


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 Post subject: Re: Agape World, Inc. -- Nicholas Cosmo
PostPosted: Thu Oct 23, 2008 8:23 pm 
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Joined: Thu Oct 23, 2008 2:34 pm
Posts: 4
hBomb - I think you're off on this one. Yes, the September loan was postponed. But look at the current credit market conditions. This should come as no surprise that a loan in the current economy would be pushed off. If another loan gets pushed off it would be cause for concern. But the most recent loan I believe settled and I believe the September loan will settle as well on December 29 (the date it was extended). Let's give Agape the benefit of the doubt when they have been so successful for such a long time. Some of your words seem like a knee-jerk reaction and I think you should ease up a bit. Let's try to stay positive here.


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 Post subject: Re: Agape World, Inc. -- Nicholas Cosmo
PostPosted: Thu Oct 23, 2008 10:00 pm 
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Joined: Thu Oct 23, 2008 9:45 pm
Posts: 20
H-Bomb is right on this one. The letter that investors have received is the end-game of a Ponzi scheme. Because investors have pulled out substantial amounts over the summer after revelations that Nick Cosmo spent 21 months in federal prison for securities and investor fraud just prior to incorporating Agape, the available funds to pay off the investors is drying up. The letter that investors have received is a delaying tactic. Read it carefully. The 3rd bullet point indicates that fund requests will not be permitted during the extension period so that Agape doesn't default to the borrower. How does a lender default on a loan to a borrower when the loan has already been made and an extension given for repayment? If the loan can't be repaid by the borrower, then the lender can't return funds to the investors, so there's no need to state the obvious. How could investors make fund requests, that is request a return of their funds, before the loans were repaid? The answer is that in a typical Ponzi scheme, not all the investor funds have been lent out, leaving funds available to repay investors who request their funds returned. What is happening now is that those available funds are drying up, so Agape is not permitting withdrawals. This has nothing to do with defaulting to the borrower and everything to do with perpetuating the scheme.


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 Post subject: Re: Agape World, Inc. -- Nicholas Cosmo
PostPosted: Fri Oct 24, 2008 8:58 am 
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Site Admin/Co-Founder

Joined: Mon Mar 31, 2003 10:09 pm
Posts: 2921
I am just going to jump in here before this gets too long (like other threads have)

Please just stick to the facts you know . . . if you want to debate things, do it in PM or email off of the message board so that all of the other people do not have to read a lot of back and forth.

FACTS ONLY

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 Post subject: Re: Agape World, Inc. -- Nicholas Cosmo
PostPosted: Fri Oct 24, 2008 9:09 am 
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Joined: Thu Oct 23, 2008 4:02 pm
Posts: 1
I think H-Bomb is off, too.
I have been in a few deals. I have always gotten my interest payments - even a full withdrawl from a deal (yes, principle also) this past summer. With the economy the way it is, it's not surprising that 1 deal gets delayed. Unless there is actual documentation of fraud (better business bureau, police reports), it's not fair to say that they are a ponzi scheme. Like hedge funds, they can't give you details of their business.


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 Post subject: Re: Agape World, Inc. -- Nicholas Cosmo
PostPosted: Fri Oct 24, 2008 12:01 pm 
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Joined: Tue Oct 14, 2008 2:19 pm
Posts: 18
Nicholas Cosmo does have a past and he has paid for it. In the last 9 years he has run a legitimate business with no recorded complaints. I agree with the administrator, let s stick to the facts.


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