A New York investment firm owner masterminded a $413 million Ponzi scheme that fleeced more than 6,000 people, a federal indictment is charging. Nicholas Cosmo allegedly ran the scheme through two companies, Agape World and Agape Merchant Advance, from 2003 until his arrest in January. He has been charged with 22 counts of mail fraud and 10 counts of wire fraud and faces up to 20 years in prison on each count if convicted.
N.Y. Investment Adviser Indicted in $413 Million Ponzi Scheme
The Associated Press
April 27, 2009