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Sentence Handed Down in Alleged Multimillion Dollar Ponzi Scheme Case

Posted on Nov 03, 2011

Last month, Nicholas Cosmo was sentenced for his alleged role in a multimillion dollar Ponzi scheme. Mr. Cosmo is reported to have operated a $413 million Ponzi scheme that hurt thousands of investors.

Cosmo was the owner and operator of New York-based Agape World, Inc. and Agape Merchant Advance, LLC. He was sentenced to 25 years in prison and $179 million in restitution. Some of Mr. Cosmo's reported victims spoke during the sentencing hearing and described how badly Mr. Cosmo's reported actions hurt them and their families.

This was not Mr. Cosmo's first investment fraud sentence. In the late 1990s, he served 21 months in federal prison for allegedly defrauding investors out of a smaller amount of money. He is said to have founded Agape shortly after his release from prison.

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