Agape World
Prosecutors stated that Nick Cosmo used $212,000 in Agape funds to pay restitution from the 1999 federal mail fraud conviction.
Prosecuters were only able to trace $10 million dollars of bridge loans that were made. $80 Million to $100 Million was allegedly lost in Commodities Future Trading and $55 to $63 Million of the investors funds went to pay the broker's commissions.
The complaint against Agape World stated that many of the employees had criminal records. Postal inspectors said Cosmo paid the brokers, some of whom were ex-convicts with records that included robbery and heroin importation, to recruit investors.
One of the largest assets of Agape World was an indoor athletic complex purchased for $3.85 million dollars. The complex was sold via auction in June 2009 to a company called Coastal Sports. Cosmo had purchased the 38,000-square-foot (3,500 m2) building in Hauppauge, New York for $3.85 million last year and spent another $1 million to transform the former paintball arena into indoor athletic fields.
The building was the most valuable asset in Cosmo’s holdings liquidated by bankruptcy trustee, Silverman Acampora, and was auctioned off by David R. Maltz & Co. of Plainview, New York.
Read more about this topic: Nicholas Cosmo
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