Nicholas Cosmo
Year made public: 2009
Estimated Losses: $380 million
In January, federal prosecutors charged Cosmo, who ran the Long Island, N.Y., firm Agape World, with mail fraud. According to court documents, Cosmo told investors they were putting money into bridge loans and merchant advances. The firm provided statements to that effect, but the funds were allegedly diverted for commodity futures trading, losing much of the investors' stake, and paying off prior investors. Cosmo, who has pleaded not guilty, is awaiting trial.
