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Long Island Investor Accused of Ponzi Scheme

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Long Island Investor Accused of Ponzi Scheme O C V ΓΡΑΦΕΙ ΤΗΝ ΙΣΤΟΡΙΑ Bringing the news ΤΟΥ ΕΛΛΗΝΙΣΜΟΥ to generations of ΑΠΟ ΤΟ 1915 The National Herald Greek Americans A WEEKLY GREEK AMERICAN PUBLICATION c v www.thenationalherald.com VOL. 12, ISSUE 590 January 31, 2009 $1.25 GREECE: 1.75 EURO Boston Scientific Long Island Investor Accused of Ponzi Scheme Founders Sell Half their Federal Authorities Allege Greek American Financier Cheated Clients Out of Tens of Millions By Evan C. Lambrou Stake in the Firm Special to The National Herald BOSTON (Bloomberg) – The men ny statement assured investors “the HICKSVILLE, N.Y. – Federal author- who built Boston Scientific Corp. into majority” of trading was over. In- ities have charged the founder of a the world’s biggest seller of heart stead, the duo has unloaded an addi- Long Island investment firm with stents have dumped $484 million in tional 32.3 million shares since then, defrauding investors and running a shares to repay loans after other as- according to filings. nearly $400 million Ponzi scheme. sets were frozen by the Lehman “You have a lot of investors ask- Prosecutors allege that tens of mil- Brothers Holdings Inc. bankruptcy. ing, ‘How could they do this to their lions of dollars can not be accounted Peter Nicholas, 67, Boston Scien- baby? ’” UBS’s Nudell said in a tele- for. tific’s chairman and founding chief phone interview. “A lot of people feel Nicholas Cosmo, 37, has been ac- executive officer, and John Abele, 71, they were reckless.” cused of operating a Ponzi scheme a director and co-founder, have sold Nicholas, starting in 1992, bor- at least between October 2003 and almost half their stake, or 4.2 percent rowed against shares to finance a December 2008 which raised more of company stock, since Oct. 7, ac- $100 million investment credit line, than $370 million from more than cording to regulatory filings. The an aircraft lease and $900,000 in 1,500 individual investors and de- sell-off contributed to a 23 percent home renovations, according to fil- posited the money into bank ac- decline in Boston Scientific shares ings with the U.S. Securities and Ex- counts under Agape World Inc., a over that time, said Bruce Nudell, a change Commission. Neither Boston private firm in Hauppauge, accord- UBS analyst in New York. Scientific nor its founders will say ing to a 51-page affidavit submitted The sales helped pay off loans se- what the loans linked to the current by U.S. Postal Inspector Richard cured with company stock when sell-off were for, and no documents Cinnamo detailing the allegations Lehman’s Sept. 15 bankruptcy kept were available detailing Abele’s bor- against Cosmo. the men from tapping other assets, rowing history. Cosmo was arrested this past the Natick, Massachusetts-based MARGIN CALLS Monday night after he surrendered medical device maker said in Octo- The company’s filings blame the at a U.S. Postal Inspection Service ber. After the founders dumped 30.8 trades on margin calls, orders from a office in Hicksville. The FBI attempt- million shares Oct. 8 to 10, a compa- lender to either pay down a loan or ed unsuccessfully to apprehend Cos- replenish collateral that has lost val- mo earlier, before he turned himself ue. If the borrower can’t do so, a bro- in at the Long Island Railroad train ker will sell the existing collateral. station. Nicholas, paid $1.84 million by If convicted, Cosmo could be sen- the company in 2007, and Abele, tenced up to 30 years in prison and a who received $1.33 million, declined fine up to $1 million. He was ar- interview requests. Boston Scientific raigned before U.S. Magistrate fell to a 13-year low on Nov. 20. Eight Judge E. Thomas this past Tuesday days later, Nicholas and Abele began (the case is U.S. vs. Cosmo, U.S. Dis- a trading plan that allowed them to trict Court, Eastern District of New limit daily sales to about 200,000 York, Brooklyn). shares, rather than the multimillion- Defense attorneys at the Herrick share blocks they had been unload- Feinstein law firm have not returned ing, according to SEC filings. TNH/COSTAS BEJ media calls seeking comment, but a “It’s a more measured pace that’s Distinguished teacher Pepi Volikas works closely with students from the William Spyropoulos Day School letter found hanging in Cosmo’s of- eased the pressure,” said Ben Silver- in Flushing. On the occasion of the feast day of the Three Hierarchs and commemoration of Greek Letters, fice window denies there was any man, research director at Insider- TNH spoke to both students and administrators to discuss the state of Hellenic Education in America. Ponzi scheme (a Ponzi, or pyramid, Score.com, a Princeton, New Jersey, scheme promises unusually high re- share-tracking firm, in a telephone turns and pays early investors with interview. money from later investors, rather 63.1 MILLION SHARES than from actual profits). Nicholas has sold about $302.9 The Challenges for Hellenic Education Assistant U.S. Attorney Grace million in shares and Abele about Cucchissi, U.S. District Court in Cen- $181.1 million, according to the By Evan C. Lambrou formation furnished by the princi- stantine & Helen Church in Palos tral Islip, said federal agents have Boston Scientific’s chairman and Special to The National Herald pals of two schools: one in the Hills, Illinois. Tuition is currently accounted for only a fraction of the founding CEO, Peter Nicholas. Continued on page 7 Chicago area and one in Florida. $3,875 per student. $370 million, including $80 million NEW YORK – Because this week’s More information about other Mary Zaharis has been the princi- Cosmo lost playing the commodities edition revolves around the feast schools in the system will be pub- pal at Koraes for the last five years. futures market and $55 million he day of the Three Hierarchs and the lished next week. She is a daughter of Greek immi- paid in commissions to associates commemoration of Greek Letters, ILLINOIS grants – her father was from Patras over five years. celebrated each year on January Founded in 1910, Koraes Ele- and her mother from Kerkyra (Cor- Cosmo, a resident of Lake Grove, 30th, the National Herald contacted mentary School is the largest of the fu) – and said she is fluent in Greek. and his associates, who also operat- administrators of several schools in five schools in the Chicago area, Mrs. Zaharis was born and raised ed offices in Maspeth and Jackson the Greek Orthodox Archdiocese with 165 students, 18 teachers – in Omaha, Nebraska. She received Heights, concentrated on soliciting parochial school system nationwide fewer than half of whom are of her bachelor’s degree at the Univer- clients through “family ties or in an effort to investigate the state of Greek heritage – and an operating sity of Nebraska and her master’s de- friends” who already invested, ac- Hellenic education in America. budget of more than $500 thou- cording to Cucchissi. Investors were This week’s story will project in- sand. It is attached to Saints Con- Continued on page 6 promised returns of 48-80 percent on their investments. According to the Cinnamo affi- davit, Cosmo claimed he was putting investors’ money into bridge loans, but just $746,000 of the mon- 8th Graders Happy to Learn Greek ey was found in Agape World bank accounts last week (bridge loans are By Eleni Kostopoulos icans. But what differentiates the above all. small-scale business loans made to Special to The National Herald Greek American education system “The school has 467 registered companies seeking initial start-up from the New York City public students, the strong majority of capital before expanding operations NEW YORK – “Education is an or- school system? What unique ele- which are Greek American,” said into a larger business. Basically, they nament in prosperity and a refuge ments do students raised in a Greek Principal Athena Kromidas. “All are what turn someone from being a in adversity.” American schooling community subjects taught follow the core cur- guy with an idea to a guy with an Aristotle’s words and philoso- adopt and carry with them into the riculum and aside from classes like idea and little bit of infrastructure). phy on education were not only rel- real world? For a firsthand account English, math and science we also The affidavit also alleges that AP PHOTO/MARK DUNCAN evant in Ancient Greece, but are of the Greek American academic offer Greek (taught on a daily ba- Cosmo used his investors’ money to Taking Over the Cleveland Browns emphatically consistent with to- experience, The National Herald sis), Spanish, religion class, which support a lavish lifestyle; under- day’s world. The significance of spoke to the 8th grade students of is taught once a week by our [St. write a baseball league in Seaford Baltimore Ravens pro personnel director George Kokinis, 41, has learning has always been empha- William Spyropoulos School of St. Nicholas] priest, computers, art, for $300,000; repay $212,000 he been hired as the Cleveland Browns general manager, reuniting sized in Greek society, and this tra- Nicholas Orthodox Greek Church music, health as well as several ac- owed for a previous fraud convic- him with new Browns coach and close friend Eric Mangini. He be- dition has continued to flourish in Flushing, NY and found that her- gan his NFL career as a Browns intern. See related story on page 3. among generations of Greek Amer- itage, language and religion reign Continued on page 6 Continued on page 7 Ousted from Bank of America, Niarchos Foundation to Build New Cultural Center Thain Defends his Decisions By Mark Frangos Special to The National Herald By Evan C.
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