Bank of America effectively set up a branch in a Long Island office that helped Nicholas Cosmo carry out a $380 million Ponzi scheme, according to a class-action lawsuit filed in federal court.
The lawsuit, filed in Federal District Court in Brooklyn late Thursday, contends that Bank of America "established, equipped and staffed" a branch office in the headquarters of Mr. Cosmo's firm, Agape Merchant Advance. As a result, the lawsuit contends that the bank knowingly "assisted, facilitated and furthered" Mr. Cosmo's fraudulent scheme.
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