Posted on 01/26/2009 6:10:45 PM PST by pleikumud
Authorities on Monday arrested the chief executive of a private New York financing firm on suspicion of running a purported Ponzi scheme that attracted $400 million in investments, U.S. law enforcement officials said.
They said Nicholas Cosmo, head of Agape World on New York's Long Island, was said to provide commercial bridge loans, but was instead operating a traditional Ponzi scheme in which early investors are paid with the money of new clients.
(Excerpt) Read more at cnbc.com ...
I’ve been watching these events for some time and I really believe it is time to bail. I cannot derail or affect these things, time to get the family out. We picked our destination over dinner. Sad.
Quick, someone get this guy a cabinet position!
In our case, Launceston, Tazmania. I love that town and there are several reasons why it is a good pick for us.
i heard this was $150 million scam, not $400. i guess it really doesn’t matter. unless, of course, you gave this guy money.
I have to admit, I had to look that up. It does appear to be well out of the way...
Well out of the way and then some. It is a stunningly beautiful “City”, with all 75,000 inhabitants. If you don’t fancy that, well, there is Hobart. And 500,000 sheep between the two.
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