Four charged in $400 million Ponzi fraud

Four charged in $400 million Ponzi fraud

By Jessica Dye


April 25, 2012

Four former employees of a Long Island-based investment firm were charged Wednesday with running a Ponzi fraud that cost more than 4,000 investors $179 million in losses, federal prosecutors said.

Jason Keryc, Anthony Massaro, Anthony Ciccone and Diane Kaylor, misled investors at Agape World Inc and Agape Merchant Advance, by using other investors’ money to pay returns, according to a criminal complaint unsealed in a federal court in Central Islip, New York. It was a classic Ponzi scheme that ran for about five years and pulled in $400 million, the complaint said.

The founder of Agape and Agape Merchant Advance, Nicholas Cosmo, was sentenced to 25 years in prison in October after pleading guilty to the scheme.

The defendants, who worked as either account representatives or brokers at Agape and Agape Merchant Advance, misrepresented the safety of the high-risk trades they made on customers’ behalf, promising high rates of return on what they depicted as low-risk investments in short-term commercial loans, the complaint said.

Click Here to Read More


About partisanrangershow

Freedom fighter
This entry was posted in Economics, Hot Topics. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s