Nicolas Cosmo, Agape and the Front of the Storm

Nicolas Cosmo, a 36 year old from Long Island who actually served 21 months in jail, is the latest. He is the latest kid to and get $500,000 to $5 million from every local investor. He is the latest to convince his friends, his family and his community that he could deliver 12-14% a year with ease in a falling stock market. He is the latest to be a smooth talker. He is the latest to be deemed a wonder kid. He is the latest to show that he had some asset class figured out (often real estate, but it could be aircraft, commodities or anything). He is the latest to take money from one investor and give it to another to create the illusion of growth and high returns. He is the latest to have his Porsches and Bentleys seized. He is the latest to ruin the lives and savings of many in his community.

Nicolas Cosmo is Islip's answer to Madoff. Every town has one or two of these guys - Chicago has at least one, Atlanta has a few, Florida has more than its fair share and LA probably has countless.

I warned a few weeks ago that 2009 would be the year of the exposed hedge fund.

If you don't act fast, these kids are going to do more damage to you than the kid just out of law school who your wife hired as a divorce attorney.

Ask the kids for your money back and tell them that you will buy ice cream for them. Do it now!