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that Keryc, 38, "will now pay the price for his self-enrichment and deceit." Keryc's sentencing came after a federal jury in April found him and another ex-employee, Diane Kaylor, guilty on charges including securities fraud, conspiracy, mail fraud, and wire fraud. Prosecutors said Keryc spent some of the $ 8.9 million he made off the scheme on a million-dollar vacation home in
Montauk, a condominium in Long Beach, NY, automobiles, jewelry and designer clothing
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Jason Keryc, formerly of
Hauppauge-based Agape World, was sentenced to nine years in prison by U.S. District Judge Denis Hurley in Central Islip, New York, and ordered to pay $ 179 million of restitution, prosecutors said. U.S. Attorney Robert Capers in a statement said the sentence ensures
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U.S. District Judge Denis R. Hurley, at a hearing in
Central Islip, New York, ordered that Cosmo be jailed pending trial after prosecutors alleged he used a computer and tried to transfer assets in violation of his bail conditions and provided false statements to a U.S. Pretrial Services officer.
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The SEC alleged the sales agents falsely promised investor returns as high as 12 – 14 percent, in several weeks when they sold investments offered by
Hauppauge-based Agape World. They also misled investors to believe that only 1 percent of their principal was at risk. The Agape securities they
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Cosmo pled guilty to mail and wire fraud charges on Friday
October 29, 2010, and faced up to 40 years in prison. On October 14, 2011, he was sentenced to 25 years in jail. "Those who lie and steal from the investing public are on notice that they face severe penalties", U.S. Attorney
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As of June 2009, Cosmo was unable to post bail. Judge Hurley would not release Cosmo until several conditions were met, including a requirement that Cosmo's relatives agreed to back a $ 1.25 million bail package secured by their homes and financial accounts.
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One of the largest assets of Agape World was an indoor athletic complex purchased for $ 3.85 million. The complex was sold via auction in June 2009 to a company called
Coastal Sports. Cosmo had purchased the 38,000-square-foot (3,500 m) building in
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The complaint against Agape World stated that many of the employees had criminal records. Postal inspectors said Cosmo paid the brokers, some of whom were ex-convicts with records that included robbery and heroin importation, to recruit investors.
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Prosecutors were able to trace only $ 10 million of bridge loans that were made. $ 80 million to $ 100 million was allegedly lost in commodity-futures trading and $ 55 to $ 63 million of investors' funds went to pay the broker's commissions.
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The
Securities and Exchange Commission has charged 14 former sales agents, including four pairs of siblings, for misleading investors while earning more than $ 52 million in commissions in the $ 400 million Agape World Ponzi scheme.
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On
October 14, 2011, Cosmo was sentenced to 25 years in prison. It has been reported that his crimes represent the 8th largest financial fraud in history, since the first documented flimflam in 1719 involving Scotsman
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A U.S. judge released Cosmo on $ 1.25 million bail secured by property and frozen bank accounts but ruled he would be confined to his home under electronic monitoring on New York's Long Island.
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The building was the most valuable asset in Cosmo's holdings liquidated by bankruptcy trustee, Silverman
Acampora, and was auctioned off by David R. Maltz & Co. of Plainview, New York.
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Cosmo, chief executive of a private suburban New York investment firm indicted for a $ 400 million fraud, was freed from jail after it took months for him to make bail.
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in
Brooklyn said today in a statement. "As recounted today in court by several of his victims, the defendant's actions crushed the hopes and dreams of everyday citizens".
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peddled were actually non-existent, and investors were merely lured into a Ponzi scheme where earlier investors were paid with new investor funds, according to the SEC.
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In October 2009, a federal judge found that Cosmo couldn't be trusted and ended his house arrest after less than three months and returned him to jail to await trial.
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for $ 3.85 million in 2008 and spent another $ 1 million to transform the former paintball arena into indoor athletic fields.
57:. Cosmo had previously been convicted of felony fraud in 1999, and had served his sentence of 21 months in prison for the offense.
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Prosecutors stated that Nick Cosmo used $ 212,000 in Agape funds to pay restitution from the 1999 federal mail fraud conviction.
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184:"Feds Say Cosmo Ponzi Scheme Hits Estimated $ 413 Million With Foreign Investors, Bloomberg News (April 16, 2009)"
143:-based Agape World Inc. and Agape Merchant Advance (AMA), for their participation in a large-scale Ponzi scheme.
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charging Jason Keryc, Anthony Massaro, Anthony Ciccone, and Diane Kaylor, former account representatives of
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219:"Financier Arrested on Charges of $ 400 Million Ponzi Scheme" Reuters via Yahoo News (January 27, 2009)
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504:"FBI – Former Agape World Inc. Account Representatives Charged in New York with Massive Ponzi Scheme"
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422:"Accused Ponzi Schemer Cosmo Denied Bail for Now" Newsday (June 23, 2009)
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On April 25, 2012, a criminal complaint was unsealed in federal court in
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441:"'Accused NY Firm Manager Cosmo Freed on Bail', Reuters (July 23, 2009)"
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270:"Mini-Madoff Gets 25 Years", Reuters via Yahoo News (October 15, 2011)
311:"Central Islip court: Set bail for Agape World chief Nicholas Cosmo"
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238:"US Authorities Allege $ 380 Million Scheme, Bloomberg News via
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526:"SEC Charges 14 Sales Agents in Long Island-Based Ponzi Scheme"
338:"Cosmo Indicted for Mail, Wire Fraud in Ponzi Scheme (Update2)"
540:"This New York Broker Got 9 Years in Jail for a Ponzi Scheme"
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Bloomberg News via San Francisco Chronicle (October 15, 2011)
638:"Brokers Sentenced" "Fortune Magazine" (February 25, 2016)
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10 Largest financial fraud Proprietors of The 21st Century
575:"Another Ponzi Scheme? Feds Arrest Money Manager Cosmo",
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Cosmo pleads guilty to $ 413 million Ponzi scheme
38:, which claimed to make its profits via commercial
602:"Accused Ponzi Schemer Cosmo Denied Bail for Now"
22:(born 1971) is an American former businessman and
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30:. Cosmo conducted the scheme using his company
584:"Troubled Times Bring Mini-Madoffs to Light",
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593:"Cosmos Field of Dreams Sold For 3.4M",
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397:"Cosmos Field of Dreams Sold For 3.4M,
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336:Hurtado, Patricia (April 23, 2009).
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566:Summary of Articles and Videos at
53:on January 27, 2009 on charges of
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561:Website of Agape World's receiver
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370:Gardiner, Sean (April 16, 2009).
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42:. Authorities arrested him in
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683:People from Wantagh, New York
629:" Brokers Charged By S.E.C."
611:"Judge Revokes Cosmos Bail",
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668:American hedge fund managers
468:"Judge Revokes Cosmo's Bail"
16:Italian-American businessman
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111:Judge revokes Cosmo's bail
678:Pyramid and Ponzi schemes
631:Long Island Business News
595:Long Island Business News
528:. SEC.gov. June 12, 2012.
399:Long Island Business News
359:AllBusiness website entry
293:December 2, 2013, at the
275:October 16, 2011, at the
224:January 30, 2009, at the
403:. Libn.com. June 4, 2009
663:American money managers
472:The Wall Street Journal
137:Central Islip, New York
49:Cosmo was arraigned in
620:"Cosmo Pleads Guilty"
427:June 26, 2009, at the
24:white-collar criminal
546:. February 25, 2016.
44:Hicksville, New York
613:Wall Street Journal
317:on January 28, 2010
242:(January 27, 2009)"
205:Agape World website
141:Hauppauge, New York
87:Hauppauge, New York
36:Hauppauge, New York
624:(November 1, 2010)
588:(January 28, 2009)
586:The New York Times
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340:. Bloomberg
69:Agape World
647:Categories
169:References
55:mail fraud
510:April 29,
506:. Fbi.gov
477:April 29,
451:April 29,
407:April 29,
378:April 29,
344:April 29,
252:April 29,
190:April 29,
425:Archived
321:July 18,
291:Archived
273:Archived
222:Archived
63:John Law
604:Newsday
544:Fortune
445:Reuters
246:The Age
240:The Age
577:Time
512:2012
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