Nicholas Cosmo's life and businesses
Nicholas Cosmo has done time in prison for mail fraud, had a gambling problem, is an avid sports fan who played college baseball and, according to federal authorities, has a habit of misappropriating other peoples' money.
Court papers made public Monday, supporting search warrants executed Monday at the offices of his company, Agape World, suggest that Cosmo, of Lake Grove, also had lavish tastes, apparently using more than $100,000 of clients' money for personal expenses such as jewelry store purchases, hotel rooms and limousines.
The papers say he even used more than $300,000 from his alleged Ponzi scheme to pay for a Seaford baseball league where he is listed as president.
The legal papers released Monday say the baseball league is called National Tournament Basement and that it plays on a field in Seaford where a sign indicates the league is sponsored by Agape.
Cosmo attended St. John's University in Queens from 1989 through 1994, the college said, and played on its baseball team, but the college has no record of him graduating. He lived in Wantagh at the time, the college said.
Lake Grove neighbors described Cosmo, his wife and their young son and daughter as friendly but quiet, generally keeping to themselves.
"Like most everyone in the neighborhood, we'd talk to them when we were doing something outside," said Gloria Minlionica, who lives across the street from the family. "You rarely see him, and when you did, he'd just wave. But she was very sweet."
Cosmo could not be reached for comment but Steven D. Feldman and Arthur G. Jakoby of the Manhattan-based law firm Herrick, Feinstein said Monday they represent him and that "Mr. Cosmo . . . intends to work with (prosecutors) to allay investors' concerns."
In 1997, after Cosmo became a licensed stockbroker, he was arrested and later pleaded guilty to mail fraud related to a stock investment scheme. He was sentenced in 1999 to 21 months in prison and ordered to pay restitution of $177,000 plus interest and to undergo therapy for gambling. His broker's license was revoked in 2000 and he made restitution payments of $11,000, records show.
Agape World -- the main company that authorities say is now involved in the alleged Ponzi scheme -- was incorporated in 2000. At the time, Cosmo told his probation officer Agape was owned by his mother and was mainly an Internet company involved in advertising used car sales, court records show.
Cosmo also is the coach of a under-13 boys' travel team with the Island Trees Soccer Club, according to its president, Phil Goldberg, who has known him for many years.
Goldberg expressed shock at the arrest and said he could not explain how Cosmo apparently was approved by a statewide risk management questionnaire for coaches, which is designed to identify those with a criminal background.
"I'm concerned why we weren't told about this," Goldberg said. "I know his team loves him and he's a great guy." Goldberg said he remembers Cosmo as a young soccer player in the 1980s who was "quiet but a good player."
At the Island Trees league meetings, Cosmo was usually so busy with his work schedule that he sent his assistant coach to attend, said Goldberg.
Goldberg said he remembers Cosmo donated to the Island Trees soccer league a few years ago, but he said it not a great sum of money.
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