Saturday, March 14, 2009

Today's Fly Or Die Commerce Report: Long Island's Version Of Bernard Madoff

Long Island attorneys are attempting to identify investors who may have fell victim to another felonious, Madoff-style money manager.

Nicholas Cosmo and his company, Agape World Inc., are the latest financiers to be allegedly complicit in swindling investors out of millions of dollars. Officials claim that Cosmo has stolen more than $100 million from people who entrusted him with the task of protecting their financial interests.

Cosmo's clients are said to have been much more middle-class as compared to a lot of Madoff's wealthy customers. Nicholas Cosmo reportedly cheated more than 5,000 people out of their hard-earned income. He had accumulated clients throughout the country.

Nicholas Cosmo is currently being held in jail on charges of mail fraud in a separate federal case.

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