Three Associates of Convicted Ponzi Schemer Pledged Guilty
Nicholas Cosmo, who is serving a 25-year sentence for fraud, took in more than $400 million dollars from 5,000 investors during the operation of the scheme out of his Long Island, New York-based companies, Agape World and Agape Merchant Advance.
Of that total, 4,100 investors lost $179 million from 2003 until 2009 when the scheme was shut down. Much of the rest of the money Cosmo took in went to pay off early investors with Agape.
Three major associates of Nicholas Cosmo, Jason Keryc, 34; Anthony Ciccone, 39; and Diane Kaylor, 36 - who had originally been arrested in April of 2012 on similar charges - all pleaded not guilty at arraignment.
The three had been charged in the indictment along with two other close associates of Cosmo -- Bryan Arias, 40, and Shamika Luciano, 31 -- when Arias and Luciano were arrested in December. The new indictment added securities fraud to the original charges.Arias and Luciano each were released on $500,000 bail shortly after their arrests.
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