4. Agape World Inc. Ponzi Scheme
Year: 2003-2009
Approx. Amount: $400 Million*
Company / Person Involved: Nicholas Cosmo
Once a scam artist, always a scam artist, and Nicholas Cosmo proved that when even after serving almost 2 years in prison for defrauding investors, he jumped right back on the horse and, in 2000, founded Agape World Inc., the company that would be the front for his latest, and most likely last, Ponzi scheme.
Agape World Inc. Ponzi Scheme ©Oyls / Shutterstock.com
Under the guise of funding short-term, secured bridge loans to small businesses, and guaranteeing investors a high chance and astronomical returns, Nicholas Cosmo spent the 6 years, between 2003 and 2009, taking his victims for no less than $200 million. Cosmo was subsequently sentenced to 25 years in prison and ordered to pay a forfeiture of over $400 million.