According to Ruskin Moscou Faltischek managing partner Mark Mulholland, $13.5 million has been recovered on behalf of the trustee representing victims of Nicholas Cosmo.
The $13.5 million represents the fruits of a federal suit filed by Ruskin Moscou Faltischek against MF Global, an institutional investment house that allegedly facilitated Cosmo's wrongdoing by allowing Cosmo to squander his victims' funds - entrusted to Cosmo for investment in bridge loans - in high risk commodities trading.
Mulholland, who was the first attorney to file suit against Bernard Madoff in December 2008, was also instrumental in forcing Cosmo into bankruptcy, shortly after news first came to light that Cosmo and his fraudulent business Agape World had stolen hundreds of millions from innocent investors - including Long Islanders.
The recovery of $13.5 million, nearly half of the total collected by the Trustee, represents the single largest potential payment back to Cosmo's countless victims and can be attributed to the efforts by Ruskin Moscou Faltischek. Mulholland states that, "Cosmo cheated hundreds of honest people - and many lost their life savings. The end of the case against MF Global and the successful recapture of millions of dollars for Cosmo's victims was the result of terrific lawyering by superb lawyers. I'm proud of my entire team."
While this recovery is very significant, The Agape Bankruptcy remains an open case. Mulholland reports that his team of litigators is still at work and there may be additional recoveries for the victims down the line.
For more than 45 years, Ruskin Moscou Faltischek, headquartered in Uniondale, has built a reputation as one of the region's leading providers of innovative legal services. Its attorneys are practical, experienced advocates who measure their success by their clients' success. Cornerstone groups in all major practice areas of the law are represented at the firm, including corporate & securities, financial services, commercial litigation, intellectual property, health care, real estate, employment, energy and trusts & estates. Clients include large and mid-sized corporations, privately held businesses, institutions and individuals. Tags: