Cosmo Pleads Guilty To $413 Million Ponzi Scheme
Cosmo pleaded guilty to mail and wire fraud charges on Friday October 29, 2010, and faced up to 40 years in prison. On October 14, 2011, he was sentenced to 25 years in jail. "Those who lie and steal from the investing public are on notice that they face severe penalties", U.S. Attorney Loretta Lynch in Brooklyn said today in a statement. "As recounted today in court by several of his victims, the defendant's actions crushed the hopes and dreams of everyday citizens".
On April 25, 2012, a criminal complaint was unsealed in federal court in Central Islip, New York charging Jason Keryc, Anthony Massaro, Anthony Ciccone, and Diane Kaylor, former account representatives of Hauppauge, New York-based Agape World Inc. and Agape Merchant Advance (AMA), for their participation in a large-scale Ponzi scheme.
Read more about this topic: Nicholas Cosmo
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