Five people who allegedly worked as brokers and sub-brokers for Agape World Inc. head Nicholas Cosmo’s $415 million Ponzi scheme are liable to the SEC for hundreds of thousands of dollars each.
The sales agents accepted the Securities and Exchange Commission’s allegations as true for purposes of determining the damages, Judge Rachel P. Kovner said Thursday for the US District Court for the Eastern District of New York.
The scheme took money from about 5,000 investors over four years, from 2005 to 2009. Cosmo himself was sentenced to 25 years in prison and ordered to pay $179 million in restitution ...
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