FBI raids Agape World, seeking owner over $380 million Ponzi Scheme

The FBI raided New York based bridge lender Agape World Monday over an alleged $380 million ponzi scheme.

Agape chief Nicholas Cosmo is accused of scamming $380 million out of thousands of Agape World clients with promises of high returns that couldn’t be met.

Investors starting showing up at Agape World’s office last week demanding to know why the company stopped making promised payments of principal and interest, with one investor punching Cosmo in the head.

Cosmo has history in scams, accused and found guilty In 1997 misappropriating funds while working as a stockbroker at Continental Broker-Dealer Corp. He was sentenced at the time to serve 21 months in prison and pay at least $135,000 in restitution. Agape World was founded in 1999.

Cosmo is currently wanted by the police, although some reports suggest that he may be about to hand himself in.

More if we have it.