FBI: 3 associates in Agape Ponzi scheme arrested on LI

? Officials say three Long Islanders were arrested today after FBI agents launched an early morning raid. According to officials, four top associates of the

CENTRAL ISLIP - ? Officials say three Long Islanders were arrested today after FBI agents launched an early morning raid. According to officials, four top associates of the Long Islander known as the ?mini-Madoff? are accused of making as much as $16 million by scamming victims. Many of the victims are from Long Island. The four associates were key people in Nicolas Cosmo?s Hauppauge-based Agape World and Agape Merchants Advance. Jason Keryc, Anthony Ciccone and Diane Kaylor were arrested and arraigned on Long Island, while Anthony Massaro was arrested and taken into custody in Florida. Massaro will be arraigned at a later date. Each faces multiple charges, including conspiracy to commit fraud and false representation. The complaint alleges that the defendants were accountants and brokers for Agape and knew the company would not return any promised money back to its investors. In the end, investors lost almost $179 million. Attorneys for the trio did not enter pleas in federal court today, and all three will remain in jail until a bail hearing Friday. Prosecution is asking for $500,000 bail, and the judge wants to make sure that any funds used to cover that bail did not come from Agape World. Meanwhile, Cosmo is serving 25 years in prison for running the scam.

Lake Grove man sentenced to 25 years in $400M Ponzi scheme Agape Ponzi scheme victims sued in restitution claimAccused LI Ponzi schemer pleads guilty

advertisement | advertise on News 12

Top 5 Must See

Police say Jeustin David Maldonado, 17, of Uniondale, 1 Teen charged in connection to Uniondale fatal shooting
Southampton High School is proposing to bump the 2 East End high school proposes later school start
New Cassel's Joshua Golson-Orelus is charged with about 3 Trial begins for man accused in deadly robbery spree
Although Obama had long intended to take one 4 Obama defends decision to commute Chelsea Manning's sentence
Students from Babylon, Three Village and Smithtown school 5 31 LI students to attend Donald Trump inauguration

advertisement | advertise on News 12

Features

Each week, News 12's Doug Geed explores the Check out fun things to do on the East End!

Explore the Twin Forks with News 12's Doug Geed.

Each week a different shelter visits News 12 Dog Day Fridays Series

Each week a different shelter visits News 12 Long Island with pets up for adoption.

News 12 digs deep to find Long Island's Discover Long Island's Hidden Past

News 12's Danielle Campbell digs into Long Island's roots.

News 12's Lily Stolzberg sees how much Long On The Spot

News 12's Lily Stolzberg sees how much Long Islanders know about everything and anything.

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE