UPDATE: The U.S. Postal Analysis Account is acceptable to allegation Nicholas Cosmo with fraud. (3 p.m.) LIBN is at the analysis account offices in Hicksville. Also, the FBI has raided Agape World address in Hauppauge. (Photos below)
UPDATE: As of 1:15 p.m. Agape World arch Nicholas Cosmo was not at his Hauppauge offices. They had been bankrupt and bound up. No added advisers were present.
The admiral of a abandoned Hauppauge advance close on Monday affirmed that anniversary of his investors would eventually get their money back.
Agape World Admiral Nicholas Cosmo said in an absolute sit-down account that he was afflicted to stop payouts to audience because three bartering developers defaulted on loans.
Cosmo added that Agape assassin a law close to foreclose on, and again sell, the acreage endemic by the developers.
“Every applicant in the aggregation will be absorbed to a affirmation that will defended the acknowledgment of their arch already we get our money back,” Cosmo said.
Cosmo wouldn’t acknowledge which law close he hired.
Agape World, which already boasted it had 6,000 investors, now has about 2,000, afterwards bags of investors pulled out afterwards the banal bazaar burst in the fourth quarter. He said a little beneath than bisected of his actual audience are afflicted by the defaults.
He additionally denied that he was operating a Ponzi scheme.
“I’m not demography in new money or new clients,” Cosmo said, abacus that a Ponzi arrangement wouldn’t stop demography clients.
New York and federal admiral are investigating Agape World, which specializes in short-term, high-yield loans to developers and builders. Until recently, the close was alms investors allotment of as abundant as 14 percent in as little as 72 days.
Agape audience invested amid $5,000 and $3 actor anniversary to armamentarium what are accepted as arch loans that usually lasted 10 to 12 weeks, but which could extend for several months.
Some investors, however, abide assertive that their money is gone.
One broker from Southampton said he and a accomplice had about $800,000 invested with Agape World.
“Thousands of average assets families are activity to be broke by this,” the broker said. “It’s a nightmare.”
The Suffolk County District Attorney’s appointment said that they’ve been abounding with calls from afraid investors who accept spent months aggravating to get their money back. The blitz to cull out agitated in the deathwatch of allegations that Wall Street armamentarium administrator Bernard Madoff blanket $50 billion from investors in a archetypal Ponzi scheme.
The DA accepted the FBI is investigating Agape World.
The FBI had no comment.
For added from our account with Cosmo, bang actuality .
Photo’s from the raid:
LI advance close halts payouts, beneath investigation
Learn The Truth About Da Form 122 122 122 Fillable In The Next 122 Seconds | Da Form 122 122 12 Fillable – da form 2166 9 1 fillable
| Pleasant in order to my own weblog, in this particular period I’ll teach you about da form 2166 9 1 fillable