- Associated Press - Wednesday, April 22, 2015

CENTRAL ISLIP, N.Y. (AP) - Two associates of a New York businessman convicted in a $400 million Ponzi scheme have been found guilty in a scam that bilked thousands of investors out of $147 million.

Newsday reports (https://nwsdy.li/1HiZXa8 ) that 39-year-old Diane Kaylor and 39-year-old Jason Keryc were convicted Tuesday of conspiracy and fraud.

Both were account representatives at Nicholas Cosmo’s Agape World from 2005 to 2009 when they told investors their funds would be safe. But most of the money ended up paying representatives’ commissions and going toward Cosmo’s losing investments.

Cosmo was sentenced to 25 years in prison in 2011 in the scheme, which took $405 million from investors.

Kaylor’s attorney says she’s innocent and Keryc’s lawyer says his client shouldn’t be held accountable for Cosmo’s crimes.

Their sentencing is scheduled for July 23.

___

Information from: Newsday, https://www.newsday.com


Copyright © 2018 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times welcomes your comments on Spot.im, our third-party provider. Please read our Comment Policy before commenting.

 

Click to Read More and View Comments

Click to Hide