Agape World Update

Archived From: Finance
  • 1 2345150
  • Page
  • Text Only
Voting History
rated:
Has anyone else received a letter from Agape World announcing that it will NOT be making the interest payment on a very large contract that was due to expire this week?

The letter states that an unidentified borrower has been granted an additional 90 days in which to repay its loan to Agape. The letter goes on to say that as a result, Agape's investors will have to wait 90 days as well to receive their scheduled interest payment.

If anyone has information about this unexpected delay, please post. I have been unable to learn the identity of the "borrower" or the amount of the outstanding loan.

The thicket of hair on the back of my neck is starting to stiffen. Any information would be appreciated.

Member Summary
Most Recent Posts
CY12-2937
ANDREW M. CALAMARI
Acting Regional Director Attorney for Plaintiff
SECURITIES AND EXCHANGE COMMISSION New York Re... (more)

jaytomatic (Jun. 27, 2013 @ 3:20a) |

In the mid-August 2008, after it was revealed on a website calledfatwallet.com that Cosmo had a prior felony conviction ... (more)

SUCKISSTAPLES (Jun. 27, 2013 @ 10:06a) |

What happened to Richard Barry?

agapemesswatcher (Jul. 02, 2013 @ 9:52a) |

ATTENTION MEDIA: READ THIS FIRST

There are two threads covering Agape World, Inc. on Fatwallet Finance. This is the second one. The original thread is located here: Question about Agape World Inc.

Please note the first user response from SUCKISSTAPLES pointed out this was a scam over a year ago (November 12, 2007 5:02 PM):

SUCKISSTAPLES said: "13-14% returns"
"mlm paid for signups"
"made a million"

how many braincells does it take to figure out this is 100% scam?


Members of the media should take note that all 'defenses' of Agape from the beginning of the first thread until now are always from NEW USERS who are/were highly likely to be Agape employees or investors. Every established member of the forum community who commented in these threads pointed out this was a scam.

ATTENTION VICTIMS: READ THIS FIRST

There is no longer any question that this was a scam. This is now a international news story that has been covered by CNBC, Bloomberg, and local media in New York. The government's press release and case documents can be viewed at the link below.

Contact the FBI directly with all relevant information you have. Never respond to emails or messages from persons claiming to be investigators or promising to get your money back. Always call the MAIN number of the particular law enforcement agency to verify that any direct numbers posted/given to you are legitimate. Better yet, if possible, go in person, directly to the law enforcement station, with all documentation you have.

The government's press release has provided the following contact information for scam victims: "Individuals who believe that they may be victims of this charged fraud scheme, or who have relevant information, can contact the U.S. Postal Inspection Service at PICinnamo@usps.gov, or the FBI at (212) 384-2166." Do not contact anyone else.

Copy of the government's case against Agape World, Inc.: U.S.A vs. Nick Cosmo (51 Page PDF)

FBI - New York - Press Release - http://newyork.fbi.gov/pressrel/2009/nyfo012709.htm

Summary of Events (by forum member: smackfu)

FatWallet Members: It's an obvious scam since the returns are too high.

Agape Investors/Shills: Is not, they seem very convincing in person and bridge loans are a real thing.

FatWallet Members: Red flags, red flags! Excessive spending by employees, founder has criminal fraud record.

Agape Investors/Shills: I'm still getting my checks, they've been around 10 years, this is totally not a scam.

(...years pass...)

Agape Investors/Shills: I'm not getting my check this month, could this be a scam?

FatWallet Members: We told you so.

Agape Investors/Shills: I can't believe I was scammed, how could I have seen this coming.



REALITY 2009 Bites !!

ClawBack :
Put it this way, even if 2 years ago you somehow withdrew every dime you had ever invested with Agape, that check and any other check you ever received from Agape can be subject to clawback.




Attention First Time FatWallet Members



I am truly sorry for your loss. Your best bet at setting your financial house right again is to

1. Report all known Agape (hidden) resources to the appropriate agencies
2. Use appropriate tax strategies to claim losses
3. Move beyond this thread and read the rest of the forum to learn how to handle your resources wisely. When you do, please remember this forum is geared at those that are financially sophisticated and focused on sharing and developing financial deals So read first. And read again. Make sure you read the FAQs and stickies. Search before posting. And post basic questions in the questions thread

Contact Nadiapatrick from this thread.

Iznop1095 said: The thicket of hair on the back of my neck is starting to stiffen. Any information would be appreciated.

Invest in this instead: LINK

Since this is a new thread, AGAPE IS A SCAM.

Google "HYIP", check wikipedia for HYIP or just use common sense.

SCAM SCAM SCAM.


We've been warning you greedy, naive "investors" about this Ponzi for months. Dont get mad at us when we gave you the strong suggestions to get out

I smell a new bailout. If out group of greedy people get bailed out why not all?

Mod please lock this topic

Please don't lock this topic. I need the extra dose of entertainment.

The stiffening hair? That's the arsenic they put in your kool-aid, my friend. PLEASE, no more Agape World!

"The thicket of hair on the back of my neck is starting to stiffen" was not a phrase I ever expected to encounter on this forum, and gives us all a taste of the purple prose in store for like 40+ pages once the usual suspects start to pile in with their competing shill endorsements, greater-fool endorsements, naive endorsements, moral outrage, fruitless attempts to reason with the faithful, cheerful encouragement of the whole spectacle, demands that mods lock the thread, etc., etc., etc.

While I don't really countenance censorship of any financial topic people wish to discuss, can't we just unlock the old thread to ... you know ... concentrate the Agape contagion?

SUCKISSTAPLES said: Since this is a new thread, AGAPE IS A SCAM.

Google "HYIP", check wikipedia for HYIP or just use common sense.

SCAM SCAM SCAM.


We've been warning you greedy, naive "investors" about this Ponzi for months. Dont get mad at us when we gave you the strong suggestions to get out


This is my first time hearing of Agape World inc, but with a name like that could it be anything other than a scam?

chimeer said: SUCKISSTAPLES said: Since this is a new thread, AGAPE IS A SCAM.

Google "HYIP", check wikipedia for HYIP or just use common sense.

SCAM SCAM SCAM.


We've been warning you greedy, naive "investors" about this Ponzi for months. Dont get mad at us when we gave you the strong suggestions to get out


This is my first time hearing of Agape World inc, but with a name like that could it be anything other than a scam?

linkified for your reading pleasure.

Iznop1095 said: Has anyone else received a letter from Agape World announcing that it will NOT be making the interest payment on a very large contract that was due to expire this week?

The letter states that an unidentified borrower has been granted an additional 90 days in which to repay its loan to Agape. The letter goes on to say that as a result, Agape's investors will have to wait 90 days as well to receive their scheduled interest payment.

If anyone has information about this unexpected delay, please post. I have been unable to learn the identity of the "borrower" or the amount of the outstanding loan.

The thicket of hair on the back of my neck is starting to stiffen. Any information would be appreciated.
Quoted for preservation. Waiting for shills.

Best part is, this (what appears to be a ponzi) scheme will implode, and they can blame the economic crisis like everyone else.
Meanwhile, the people who got in and out early enough (the founders mostly) will probably retire in some warm, non-extradition locale.

Iznop1095 if you are in the contract that got expired you should know that name of the compnay, it states the name on the contract.

I have received the letter....

Agape World sounds like some sort of Goatse-land to me.

Iznop1095 said: The thicket of hair on the back of my neck is starting to stiffen.

Just curious: why didn't the hair stiffen when you were investing in this product in the first place?


I just received a piece of mail from Agape stating that they have a new contract they are offering to all current customers, and the contract is included in the envelope. The terms are 7% interest for 35 days. The really interesting thing about this is that I pulled out all of my money from this company about 4 months ago, and was told that I would not be allowed to invest again in Agape. You can read all of the details in my past posts. Now all of a sudden I am a valued client again?
This sounds like they are desperate to get new money in to pay out all of the people who got scared and flooded them with requests to withdraw all their money. I would be happy to hear others' opinions.

Colonel Angus: [ to a passing farm boy ] You there, Boy! ride into town and tell the Postmaster.. that if anyone is looking for Anal Angus.. to come knockin' at the rear entrance.. of Shady Thicket.

molash1 said:
This sounds like they are desperate to get new money in to pay out all of the people who got scared and flooded them with requests to withdraw all their money. I would be happy to hear others' opinions.
ya think/

BE GLAD you got out before the implosion

Iznop1095 said: Has anyone else received a letter from Agape World announcing that it will NOT be making the interest payment on a very large contract that was due to expire this week?

The letter states that an unidentified borrower has been granted an additional 90 days in which to repay its loan to Agape. The letter goes on to say that as a result, Agape's investors will have to wait 90 days as well to receive their scheduled interest payment.

If anyone has information about this unexpected delay, please post. I have been unable to learn the identity of the "borrower" or the amount of the outstanding loan.

The thicket of hair on the back of my neck is starting to stiffen. Any information would be appreciated.


NICK COSMO, THE FOUNDER AND CEO OF AGAPE WORLD, WAS CONVICTED OF FINANCIAL FRAUD AND SERVED PRISON TIME. A Google search will show that lots of "innocent" folks will wander onto various web sites and make "reluctant" statements proving how awesome Agape World is. It's definitely a scam. The S&P 500 is down 25% YTD and the credit markets are frozen. No company is returning 25% a month with no risk.

The loan was extended to an on or before closing date of Dec 29. They could close even earlier but they will be receiving and increased interest payment to service the debt for this extension which they will pass on to us. Agape closed two loans this past week on time. Remember bridge loan companies are doing very well in this environment because banks have stopped lending money.

sd56432f said: Remember bridge loan companies are doing very well in this environment because banks have stopped lending money.No, companies that must charge 75% APR interest are doing as well as they ever have, ie, terrible. Now Ponzi schemes are always around as usual, but in a tight credit market, investers get shaken, and withdraw their money, leaving the scam crashing down. I don't see Apage surving this (not that they were going to otherwise, it's just going to happen faster).

Looks like they were desperate for Entrepreneurs this year. Entrepreneur.com

sd56432f said: Remember bridge loan companies are doing very well in this environment because banks have stopped lending money.New shills coming to this forum to hype this HYIP, however, are not faring so well.

Agape will be so long gone with everyones money by Dec 29 its not even funny.

I'm tired of reading all the negative posts on her abut Agape....This is my story...Let me first say the I am a suspicious, paranoid, and skeptical person by nature and not some shill for Agape or a gambler by nature. I'm an average guy with a family who goes to work every day. For the past 4-5 years I was convinced this was a scam ( to good to be true) and sat on the sidelines as my friends and neighbors built and renovated multi million dollar houses, bought new cars, second homes and generally upgrade their lifestyle as a result of investing with Agape.
After watching my stock portfolio go up and down for years i decided to take a chance with Agape. I sold all my equities a year ago and put it all info Agape. I was completely aware of Nicks past indiscretions before investing through a friend at the SEC.

Before i invested $225,00 with Agape I met with Nick Cosmo and was impressed by the fact there was no high pressure sales tactics and the fact that (this sounds silly) Nick has no door on his office. It struck me that someone who has something to hide or is involved with something fraudulent would as least have a door on their office.

In one year i am in an equity position (as are all my friends) with Agape and now realizing returns with their money.. everyone says this is scam but no one can produce someone who has actually lost money...one of my greatest regrets is not investing sooner. My feeling is the if Agape can survive the recent financial meltdown they can survive anything. I will be investing additional funds soon...

m3brian said: I'm tired of reading all the negative posts on her abut Agape....This is my story...Let me first say the I am a suspicious, paranoid, and skeptical person by nature and not some shill for Agape or a gambler by nature. I'm an average guy with a family who goes to work every day. For the past 4-5 years I was convinced this was a scam ( to good to be true) and sat on the sidelines as my friends and neighbors built and renovated multi million dollar houses, bought new cars, second homes and generally upgrade their lifestyle as a result of investing with Agape.
After watching my stock portfolio go up and down for years i decided to take a chance with Agape. I sold all my equities a year ago and put it all info Agape. I was completely aware of Nicks past indiscretions before investing through a friend at the SEC.

Before i invested $225,00 with Agape I met with Nick Cosmo and was impressed by the fact there was no high pressure sales tactics and the fact that (this sounds silly) Nick has no door on his office. It struck me that someone who has something to hide or is involved with something fraudulent would as least have a door on their office.

In one year i am in an equity position (as are all my friends) with Agape and now realizing returns with their money.. everyone says this is scam but no one can produce someone who has actually lost money...one of my greatest regrets is not investing sooner. My feeling is the if Agape can survive the recent financial meltdown they can survive anything. I will be investing additional funds soon...


Yikes ... you took out your life savings and put it into this company? Please check back here in a few months. Would love to hear how that went.

m3brian said: Let me first say the i am a suspicious and skeptical person by nature and not some schill for Agape. I'm an average guy with a family. For the past 4-5 years i watched all my friends and neibors build / renovate multi million dollar houses, buy new cars, second homes and generally upgrade their lifestyle as a erstult of investing with Agape.
I was convinced this was a scam for many many years. I been an an investor in Agape world inc for one year. After watching my stock portfolio go up and down for years i decided to take a chance with Agape. I was completely aware of Nicks pas indiscertions before investing..

Before i invested $225,00 with Agape i met with Nick Cosmo and was impressed by the fact there was no high pressure sales tactics and the fact that (this sounds silly) Nick hs no door on his office. It sruck me that someone who has somthig to hide or is involved with something fraudulent would as least have a door on their office.
In one year i am in an equity position (as are all my friends) with Agape and now realizing returns with their money.. 2againeveryone says this is scam but no one can produce someone who has actually lost money...one of my greatest regrets is not investing sooner. My feeling is the if Agape can survive the recent financial meltdown they can survive anything. I and will be investing additional funds.

Three tries so far, and I still don't know what you mean by "$225,00".

[edited for grammar]

curtster said: Three tries so far, and I still don't what you mean by "$225,00".It's fake money so it doesn't matter.

m3brian said: ... my friends and neighbors built and renovated multi million dollar houses, bought new cars, second homes and generally upgrade their lifestyle as a result of investing with Agape.
Wow, built multi-million dollar houses out of Agape "investement". Are you sure it is not multi-billion; that sounds more impressive.
BTW, m3brian would not be the same as brianbrianbrian, would it?

curtster said: m3brian said: Let me first say the i am a suspicious and skeptical person by nature and not some schill for Agape. I'm an average guy with a family. For the past 4-5 years i watched all my friends and neibors build / renovate multi million dollar houses, buy new cars, second homes and generally upgrade their lifestyle as a erstult of investing with Agape.
I was convinced this was a scam for many many years. I been an an investor in Agape world inc for one year. After watching my stock portfolio go up and down for years i decided to take a chance with Agape. I was completely aware of Nicks pas indiscertions before investing..

Before i invested $225,00 with Agape i met with Nick Cosmo and was impressed by the fact there was no high pressure sales tactics and the fact that (this sounds silly) Nick hs no door on his office. It sruck me that someone who has somthig to hide or is involved with something fraudulent would as least have a door on their office.
In one year i am in an equity position (as are all my friends) with Agape and now realizing returns with their money.. 2againeveryone says this is scam but no one can produce someone who has actually lost money...one of my greatest regrets is not investing sooner. My feeling is the if Agape can survive the recent financial meltdown they can survive anything. I and will be investing additional funds.

Three tries so far, and I still don't know what you mean by "$225,00".

[edited for grammar]


He just hit the comma instead of the period. It should read $225.00

Must be his life savings were previously with a different Ponzi scheme, and he got out of it a wee bit late.

I invested $225,000 one year ago.
Here is the bottom line...I am in a equity position (real money in my checking account) with Agape as are all of my friends. If it folds tomorrow so be it..
If someone has lost money with this company please stand up!

No one loses money in a Ponzi scheme until the end - then everyone loses. Also be aware that early "investors" can have their assets confiscated as part of the settlement

m3brian said: I invested $225,000 one year ago.
Here is the bottom line...I am in a equity position (real money in my checking account) with Agape as are all of my friends. If it folds tomorrow so be it..
If someone has lost money with this company please stand up!


This is a lie, and I'll tell you why.

1. If you believe Agape is a scam, you would "take your money and run."
2. If you believe they are legit, you would keep investing money. Why not? You'd make even MORE money?

So, either you're a shill (which you probably are) or you're lying (which you definitely are) or you're both. Guess which one makes the most logical sense

Any update? Any more "delays" on "big loans"? Can't wait to see the arrests and lawsuits start to fly!

kamalktk said: chimeer said: This is my first time hearing of Agape World inc, but with a name like that could it be anything other than a scam?
linkified for your reading pleasure.

And, in reading, note the VAST numbers of shills...which are in reality probably the same 2-4 Agape employees.

me232 said: Looks like they were desperate for Entrepreneurs this year. Entrepreneur.com
In case you missed it in the last thread, I contacted an Entrepreneur editor and asked what research they did for that, since he'd been convicted of fraud before and it seemed his new company was a Ponzi. She said that they based their list only off of a form they had the people fill out themselves, and did no additional research.

In other words, they could send me a form, I could tell them my business farming poop made $115 million on revenues of $500 million, and they'd say "Wow, you're a success! Page 1 for you!"

m3brian said: In one year i am in an equity position (as are all my friends) with Agape and now realizing returns with their money.. everyone says this is scam but no one can produce someone who has actually lost money...one of my greatest regrets is not investing sooner. My feeling is the if Agape can survive the recent financial meltdown they can survive anything. I will be investing additional funds soon...

After hearing the Madoff news are you still interested in investing additional funds ? Just curious

ellory said: No one loses money in a Ponzi scheme until the end - then everyone loses. Also be aware that early "investors" can have their assets confiscated as part of the settlementuh oh, there goes all those multimilliondollar homes.

And the M3.

Like I said, when Dec 29 comes around I want to see some checks posted when that "delayed loan" gets paid. FW allows attachments now, or you can upload and link to Photobucket.

http://blogs.wsj.com/deals/2008/12/16/a-10-point-checklist-for-a...


1. Does the fund have an independent agency verifying the performance of their portfolios, and are they well known?

2. Are other service providers to the funds independent of the firm?

3. Is the firm a registered investment adviser, and has it undergone a regulatory audit?

4. Is there adequate separation between those running the money and the fund’s overall management?

5. Can you provide me with independent references for the manager and key people at the firm?

6. Have investors got access to management and timely updates on funds?

7. Are you blinded by the reputation of a manager or following the herd after hearing about a “superstar” manager?

8. Does it look too good to be true?

9. Have you learned lessons from former blow ups?

10. Has the fund ever been in a legal dispute with any investors past or present?


Found this link on another thread that is discussing Agape. http://www.investigation.com/press66.htm

Thought any followers of this story would find interesting.

Skipping 5933 Messages...
What happened to Richard Barry?

  • Archived From: ForumsFinance

  • 1 2345150
  • Page


Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.

Thanks for visiting FatWallet.com. Join for free to remove this ad.

TRUSTe online privacy certification

While FatWallet makes every effort to post correct information, offers are subject to change without notice.
Some exclusions may apply based upon merchant policies.
© 1999-2014