When it comes to recent fraudsters Nicholas Cosmo is up there with the best of them. He may not be Bernie Madoff, but running a Ponzi scheme worth over $380 million that has affected many Long Island families is something we should be cautious of moving ahead. Chris Hansen of Dateline NBC does an excellent job exposing this story and showing the emotion that people go through after finding out their life savings had been rolled into a scam.

I was approached by a well-educated upstanding citizen with a great job at Keyspan to get in with Agape World in January of 2008. The minimum investment was $10,000 offering returns of 14% via 90-day bridge loans funding commercial construction in the NY metro area. I saw the paper work, I looked at the website, I did my due diligence, and I had funny feelings. Why was the rate at a flat 14%? What if I’m not an accredited investor? I politely decline investing as I thought it was too good to be true.

Best regards,

Nicky Papers

Sound off:
What would you tell a friend who is advising you to roll your money into something “that’s too good to be true?”