New York Securities Lawyer Blog
Trustee Kenneth P. Silverman, Esq., recently initiated over 200 clawback cases against victims of the Agape World Inc. Ponzi Scheme. Attorney David J. Mahoney, of Silverman Acampora LLP, is representing the trustee in these actions. On January 26, 2007, Nicholas Cosmo, founder and owner of Agape World Inc. and Agape Merchant Advance LLC in Hauppauge, N.Y., was arrested for operating a $370 million Ponzi Scheme. Lax & Neville, LLP currently represents numerous victims of Ponzi Schemes that have been sued by trustees in clawback actions. Clawback actions normally consist of either preference claims or fraudulent conveyance claims. There are defenses to both types of claims and you should contact a qualified attorney to discuss your options. If you are an Agape victim and you receive notice of a pending preference or fraudulent conveyance action from the trustee, or you simply have questions regarding clawback actions and the possible defenses to and resolution of a clawback actions, please do not hesitate to contact Lax & Neville, LLP for a free consultation.