Bank of America Faces Class-Action Lawsuit by Agape Victims

Frustrated investors who say they lost money in an alleged Ponzi scheme perpetuated by schemer Nicholas Cosmo, president of Agape World Inc.,  have filed a $400 million class-action lawsuit against Bank of America (BAC) and the futures trading companies through which Cosmo lost nearly $100 million. The suit, filed Thursday, alleges these firms “aided and abetted, encouraged, and rendered substantial assistance” in the loss of investors’ funds.

According to the lawsuit, “from the start, Bank of America played an integral role in that scheme providing Agape’s and Cosmo’s scheme with substantial assistance.” The suit alleges, “without Bank of America’s participation, the scheme would not have succeeded and grown to such an enormous size …”

“Bank of America established, equipped and staffed a branch office at the heart of Agape’s headquarters … with Bank of America’s knowledge, this branch assisted, facilitated, and furthered the fraudulent scheme,” the suit states. [via WSJ]

The suit is seeking monetary damages and was filed by Jacob Zamansky of Zamansky & Associates.

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