Cosmo Gets 25 Years in Prison for $413 Million Ponzi Scheme
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Nicholas Cosmo, who pleaded guilty to running a $413 million Ponzi scheme that defrauded thousands of investors, was sentenced to 25 years in prison, prosecutors said.
Cosmo, owner of Agape World Inc. and Agape Merchant Advance LLC, was arrested in January 2009. He claimed Agape solicited investor funds that were used to make short-term bridge loans. Agape received about $413 million from investors, while only about $30 million in loans were made, according to the government. Actual losses to victims were about $195 million.