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Are You “Agape,” Too?

Posted by Larry Doyle on January 27, 2009 2:02 PM |

agapeI will admit the term “agape” is not part of my general vocabulary. In the process of looking it up, I see it defined as “in a state of wonder or amazement, often with the mouth wide open.”

After Bernie Madoff and a string of other smaller but no less sordid financial scams, I will admit that I am “agape” after having just reviewed the latest Ponzi scheme that was broken just yesterday.

While Bernie Madoff grew up near Far Rockaway, just a little further out on Long Island is thecosmo_nicholas small town of Hauppauge. The waters surrounding that community possessed a shark by the name of Nicholas Cosmo. This predator ran a shop known as Agape World that largely preyed upon blue-collar workers. The operation was nothing more than a front for a $375 million Ponzi scheme that defrauded thousands of investors.

Let’s take a quick look at the website for Agape World. A few observations:

1. No mention as to any executives. Who runs the show? Red flag!!
2. No mention as to where assets are held. How about a bank, custodian, and trustee? Red flag!!
3. The firm does reference a recommendation by Dun and Bradstreet, a quality credit rating service. OK, let’s check it.  Hmmm, see what I mean?

$ 375 million dollars later….

The tide remains very low and the garbage is really starting to smell.

Madoff, Cosmo, Nadel, Schrenker, and every other con artist should be put away for life, not only for stealing money but for violating the trust and confidence of so many.


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