.
News Alert
Levittown Man Charged With Manslaughter in Crash…

Wantagh Man Among Four Brokers Arrested in Ponzi Scheme

Jason Keryc and three others charged with helping Wantagh native Nicholas Cosmo scam more than $400 million from working class investors at Agape World in Hauppauge

Four brokers including one Wantagh man have been arrested in connection to the Hauppauge-based Agape World Ponzi scheme. 

Long Island Business News [subscription required] reported Wednesday that the FBI arrested four brokers who allegedly worked under Wantagh native Nicholas Cosmo, former head of Hauppauge-based Agape World that was used as a front to take more than $400 million from its investors. 

Those arrested include Jason Keryc, 34, of Wantagh; Anthony Ciccone, 39; Anthony Massaro, 40; and Diane Kaylor, 36; according to LIBN's report. 

Agape World sought investors - primarily blue collar workers - to fund short-term loans to help companies get temporary financing with promise of huge returns. In actuality, Agape World was a classic Ponzi scheme in which brokers made money by selling investments to family and friends, many of whom lost live savings and fortunes. 

LIBN  reports Keryc, as Agape's most prolific salesmen, paid subbrokers nearly $10 million of the $16 million commission he received. He has surrendered his Long Beach condo, a $2.7 Montauk house and more. 

Keryc, who grew up across the street from Cosmo in Wantagh, and the other three arrested brokers were arraigned Wednesday at federal court in Central Islip. 

Cosmo, the former head of Agape World, for his "mini-Madoff" scheme. The MacArthur High School graduate will be eligible to receive counseling for his alleged gambling problem while in prison. 

Patrick April 26, 2012 at 06:55 PM
I'm wondering if the people who withdrew their cash before the fall of Cosmo's scheme have paid it back, as many have in the Madoff case. It seems as though there is a direct connection to the town of Wantagh, and, as I have read, a Wantagh resident is one of those who took payouts. While many lost all, some took payouts prior to the collapse, and should repay their ill gotten goods, as the courts have ordered. Just saying.

Boards

More »
Got a question? Something on your mind? Talk to your community, directly.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.What's on your mind?What's on your mind?Make an announcement, speak your mind, or sell somethingPost something
See more »