FBI Bust Another Wall Street Ponzi Scheme
"NEW YORK (Reuters) - 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.
Nicholas Cosmo, head of Agape World Inc. 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, officials said."
What is particularly funny about this fraudulent scheme is the name of the company - 'Agape'. Agape is a code word for fundamentalist Christians, usually signaling to them that the business is 'christian':
1. the love of God or Christ for humankind.
2. the love of Christians for other persons, corresponding to the love of God for humankind.
American Republicans and Canadian Conservatives generally have full faith in an 'unfettered' free market, capitalist system, where they perceive regulation as a negative. I bet that the thousands of investors who trusted Agape now wish that there had been just a bit more regulatory oversight of this criminal enterprise.