First, storm the offices. Then, smack your alleged perpetrator right in the mouth. Then, when you are really mad, jump on http://www.scamvictimsunited.com (which bears a very artsy logo that looks like it was lifted from an autism support website and includes the cautionary label: “Warning – Our site is being used in scam emails!”) Make sure to peruse their message board when you visit. It’s sort of the Yahoo Message Boards of fraud and the collective content there is enough to make you cut up all your credit cards, shred all your checks and move to an isolated cabin with no phone or internet just outside of Lincoln, Montana.
It seems the subject of our story yesterday, convicted scamster Nicholas Cosmo of Agape World (no, I’m not kidding) had piqued the curiosity of prospective investors before. Reuters dug up a post on Agape World from March 2008: “Has anyone invested with Agape World Inc? They provide bridge loans and offer investors 13-14% returns? When my brother was telling me about it, it sounded kinda fishy and risky….” Seriously, people, what is it with the fish?
While the fisticuffs were entertaining, Reuters dashes any hope of flight from Mr. Cosmo.
“Nicholas Cosmo took the advice of an attorney and complied with an arrest warrant,” said Al Weissmann, spokesman for the U.S. Postal Inspection Service, which is investigating Agape World and Cosmo along with the FBI.
I would have loved to have been in the room for that discussion.
NY financier arrested in purported $400 million scam [Reuters]
There can’t be anything worse than being arrested by Postal Inspectors.
No black helicopters or guys with FBI emblazoned on their backs in bright yellow lettering.
Must have been a lightweight.
Cosmo? A-gape world? what next Intergalactic Goatse fund?
“Agape” that is quite original. I’m sure the guy chuckled to himself every time he walked into the office in the morning.
apparently this guy put $100 mil in futures and lost 80% of it. hahhahahaha
Agape World. Definition: Noun 1. agape – (Christian theology) the love of God or Christ for mankind.
SHAMWOW WINS!
SHAMWOW WINS!!!
It’s pronounced AGA-pay, not ah-GAYP, you giggling pervs…
EP,
The layout change which slipped in “related stories” above the comments is stupid. Please make it go away. I know the related stories, I want to read the crude and inappropriate comments.
a mere $400 mill?
like with an “M”?
pshaw. piker.
Not directly related to this post, but well done Dealbreaker for getting a shout-out on CNBC: http://www.cnbc.com/id/28656318
And 5, ironic isn’t it that a guy would name his firm after the Greek word for “selfless and sacrificial love” and then rob his followers. Way to shepherd your flock …
“In addition to being a postmaster, I’m also a general. And we both know, it’s the
job of a general to, by God, get things done. So maybe you can understand why
I get a little irritated when someone calls me away from my golf.”
Actual quote from the Reuters article:
“Arthur Nadel, head of Florida-based Scoop Management, was reported missing by his family in early January. He left behind a suicide note. It expressed guilt for losing his clients’ money and said someone might try to kill him.”
Is this international WTF day? I didn’t get the memo.
Check out the posts where Nick gets on the board to defend himself. Just awesome.
hah, I have 500 acres 50 miles from Boseman juuuust incase.
I’m shocked, SHOCKED to tell you that his investors seemingly had no idea (or so they claim) what they were getting themselves into.
Perhaps instead of having those who sell securities pass a test of “competency” we should make investors prove they have the slightest idea what they’re buying, just a thought…
Who admits to being taken in by Nigerian counterfeit check fraud, greedy ass bastards.
chaz is claiming this guy is part of the mob…only no sleeves could know something like that – finally reporting on something that’s not coming out of his a$$
Agape World was first debunked on Fatwallet.com (http://www.fatwallet.com/forums/arcmessageview.php?catid=52&threadid=780511), in November 2007. Within 3 minutes, someone had replied that it was a scam.
@15 – In Ontario, people who wanted to invest in tax shelters, etc. that weren’t listed securities, had to purchase a minimum of $150,000. The rationale behind the law was 1) if you were investing that much (it was a fair sum when the law was created), you’d take the time to learn what it was, and 2) if you had that much to invest, you must know something about money.
Wrong on both counts.
WHAT IS A PONZI SCHEME?
According to SEC filing dated October 30, 2006 – Sidney D. “Trip” Camper was fired from Elandia Inc. when the Ahkoy family fell victim to investment fraud headed by Elandia’s Allen Stanford and Trip Camper. Forced to resign by Allen Stanford himself (see SEC link below), Trip Camper moved on to his next victim, a private company in Los Angeles. In true School of Stanford form, Trip Camper promised to take the private company public. Instead, Trip Camper recruited a new partner in crime, Ed Berkhof and together they formed a “shell” holding company, milked the private company of thousands of dollars, illegally obtained company stock and pretended to be the company owners- and owners of all the assets. By pretending to own the company’s assets, Trip Camper and Ed Berkhof worked to dupe private investors out of capitol that they used to pay themselves and their creditors. This is a Ponzi Scheme. Instead of taking the company public, Trip Camper and Ed Berkhof spent thousands of dollars, took a trip to London on a company American Express card, performed a hostile takeover, and ruined the honest, profitable company. Since then, the Ahkoy family is suing Elandia Inc., Allen Stanford is in Federal prison, and Trip Camper is still using The Stanford Group as a reference on his curriculum vitae. FBI will hopefully catch up with Allen Stanford’s den of thieves. Don’t let this happen to you.
http://www.secinfo.com/d14D5a.v6Q98.c.htm