Thursday, October 20, 2011

"Mini-Madoff" Guilty Of $400 Million Ponzi Scheme

Wolfman Jack doppelgänger Nicholas Cosmo, 40, owner of Agape World Inc and Agape Merchant Advance, was sentenced to 25 years in prison earlier this month after admitting to stealing more than $195 million from thousands of investors in the course of a five-year, $400-million Ponzi scheme.

I'm mentioning this one specific Ponzi scheme because unlike many of Madoff's victims, who were well-off socialites, charities or corporations, Cosmo and Agape preyed on working-class families, U.S. service-persons and others who wound up losing all or part of their life savings. I can identify with this group of citizens and sympathize with the hardships that they'll now have to endure.

I'm also mentioning it because this is not the first time Cosmo has perpetrated such a crime, and served prison time for it. Personally, I think Cosmo should have gotten a life sentence since he's already proven his propensity for recidivism. I don't think the man is capable of remorse and could care less about the victims of his crimes.

But, his lawyers have argued differently and say he's sorry for what he's done. As a matter of fact, I've been given this alleged audio tape of Cosmo and his cohorts discussing their crimes while on the run from the law, and hiding out on a ranch in the southwest. What do you think?

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