BROOKLYN (CN) – Nicholas Cosmo, a felon just out of prison, started Agape World in 2003 and eventually defrauded blue-collar investors of $400 million, a class action claims in Federal Court. The class claims the fraud could not have been perpetrated without assistance from co-defendant Bank of America.
The class claims Cosmo had just finished a 21-month sentence in the federal prison in Allenwood, Pa., when he started up his Agape fraud, “which was eventually comprised of two companies he controlled and approximately 12 brokers acting on Agape’s behalf. Agape obtained approximately $400 million from investors using false pretenses. Thousands of blue collar investors, including police officers, post office employees, social security clerks, and widows investing life insurance proceeds, lost their entire life and retirement savings.”
Here are the defendants: Agape World Inc.; Nicholas Cosmo; Agape World Merchant Advance LLC; Bank of America N.A.; John Does; MF Global Inc.; Transact Futures; and Alaron Trading Corporation dba Alaron Futures and Options.
The class is represented by Jacob Zamansky.
“Agape” – pronounced ah-gah-pay – is Greek for “love” in the godly, religious sense.