Ep 60. Nicholas Cosmo: All Interest, No Return

Nicholas Cosmo: All Interest, No Return is the sixtieth episode of season six of American Greed, the CNBC's true-crime documentary series that examines some of the most notorious white-collar criminals in history. In this episode, the focus is on Nicholas Cosmo, a convicted Ponzi schemer who defrauded hundreds of people of millions of dollars.

The episode starts with the victims of Cosmo's scam telling their stories of how they lost their life savings, retirement funds, and children's college education money. According to them, Cosmo, the founder and CEO of Agape World Inc., a private investment firm, promised high returns by investing in short-term commercial loans. He used his affable personality and charisma to lure investors, many of whom were ordinary people from the middle and lower-middle-class backgrounds, into his scheme.

Cosmo claimed that he had a track record of successful investments in the past, and his company had a team of experienced professionals who carefully vetted the borrowers and ensured the safety of the investors' money. He even provided fake documents and financial statements to back up his claims. However, in reality, Cosmo's investment strategy was nothing but a mirage. He used the new investors' money to pay off the old ones, creating a never-ending cycle of fraud.

The narration of the episode is intercut with scenes of Cosmo's lavish lifestyle. He lived in a million-dollar mansion in Long Island, drove a Ferrari, owned a private jet, and dressed in designer suits. He frequented charity events and hobnobbed with high-profile politicians and celebrities, enhancing his image as a philanthropist, and a successful businessman.

The episode also features interviews with the law enforcement officials and prosecutors who investigated and prosecuted Cosmo's case. They explain how they were able to unravel the complex web of deceit that Cosmo had woven. They used wiretaps, surveillance, and cooperation from some of Cosmo's associates to gather evidence. The prosecutors charged Cosmo with multiple counts of fraud and mail fraud, and he was sentenced to twenty-five years in federal prison. The victims finally got some closure when they saw Cosmo being taken away in handcuffs.

The final part of the episode shows the aftermath of Cosmo's scam. The victims express their anger, frustration, and sadness at the loss of their money and trust. They explain how they had to start their lives all over again, some even losing their homes and businesses. The episode ends with a message from the law enforcement officials and the experts, warning the viewers to be cautious while investing and to do their due diligence before trusting anyone with their money. They emphasize the need to educate oneself about the investment opportunities and to seek professional advice if necessary.

In summary, Nicholas Cosmo: All Interest, No Return is a gripping tale of greed, deception, and betrayal. The episode offers a detailed account of how a conman used his charm and charisma to lure innocent people into his Ponzi scheme, resulting in devastating consequences. It also highlights the importance of financial literacy and due diligence in avoiding such scams. The show remains a must-watch for anyone interested in true crime and white-collar crime stories.