Agape World: More Red Flags Than An Evening At Medieval Times

Wave Your Red Flags

Wave Your Red Flags

There’s a bull market in thieves and dirtbags…quick – create an ETF!

They just unearthed yet another Ponzi scheme, this time it’s a construction bridge loan scam called Agape World in Hauppauge, New York.

Nicholas Cosmo, an ex-broker with a boiler room past and a conviction for securities fraud, has spent the last 8 years raising hundreds of millions of dollars offering guaranteed mid-teens interest for swing loans to construction companies.  In true Long Island fashion, many of the “construction” projects involved Italian restaurants and nightclubs, and many of the shell corporations that were the “recipients” of these construction loans had the same address as Agape World itself.  On top of that, the company wasn’t registered or licensed with any regulators or authorities and it’s financials weren’t audited.

And last month, Cosmo said that the loans his clients were invested in were being extended, which is how most Ponzi’s end, btw.

More red flags than an evening at Medieval Times.

The good news is that an investor showed up in the lobby of the office building and punched him in the face.

Madoff, Schrenker, Nadel, Cosmo…the list grows with each passing week.


See Also:

Dealbreaker‘s Take:  Ponzi Ponzi Ponzi!

Newsday‘s Take:  Federal Agents Raid Hauppauge Investment Firm

Art Nadel, Where Art Thou?

Girls of Ponzi 2009 Calendar

Tags: , , , , , ,

This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.

The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Ritholtz Wealth Management employees providing such comments, and should not be regarded the views of Ritholtz Wealth Management LLC. or its respective affiliates or as a description of advisory services provided by Ritholtz Wealth Management or performance returns of any Ritholtz Wealth Management Investments client.

References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Wealthcast Media, an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. Investments in securities involve the risk of loss. For additional advertisement disclaimers see here:

Please see disclosures here.

What's been said:

Discussions found on the web
  1. ADC 6021 manuals commented on Jan 20

    … [Trackback]

    […] Here you will find 6288 more Info to that Topic: […]

  2. hublot replica commented on Jan 28

    … [Trackback]

    […] Read More on on that Topic: […]