MD1438 wrote:
People on this site are trying to compare Agape World Inc to the Madoff Ponzi scam and it is groundless. Agape is a private company and does not have to offer full disclosure. Private equity firms and hedge funds act the same way. Every investment has a level of risk. I am not denying that they have some delayed loans. The company is giving the investors more transparency, information, and insurance than ever before due to the Madoff incident. Their is a worldwide credit crisis and that is the reason for the delayed loans. They had a delayed loan after the tragedy of 9-11-01 and it was paid. When the credit markets loosen up the loans will be paid off. If the loans are not paid, Agape will take properties that are put up as collateral. The investors will be paid off after the sale of the property. If investors want to pull out, that is their decision. The site should only contain factual information or it will be shut down. Please, for everyone s sake let s stick to the facts.
That's some mighty wishful thinking there, MD1438. As I've posted before, some of Agape's purported recent loans have been to some incredibly specious entities, such as Speranza Restaurant and Rose of Thorns. The former entity is controlled by a bankrupt felon while the latter may very well be a downtrodden charitable organization (I'm still awaiting feedback from this forum on my earlier findings) Do you REALLY think that these entites have assets that can help make you whole?
To make matters worse, a 3rd loan of which I recently became aware, Wakeag Landing, is yet another cause for concern. This project, from what I can gather, went belly-up in late 2005/early 2006. It makes me cringe to think that Cosmo was raising money for it a few months ago. Where did that money go?
It's only a guess, but I'd bet that Cosmo's other loans are backed by nothing more than his hot air. I suggest that everyone begin to thoroughly check out for themselves the entities to whom their money was supposedly loaned instead of banking on ANYTHING that Cosmo has told you.
Good luck.
PS - Dear Nick Cosmo, feel free to respond to this post and correct any misstatements that I may've made.