SEC charges 14 in Ponzi scheme that targeted LIers

Federal authorities filed civil charges Tuesday against 14 people for allegedly selling fictitious securities as part of the continuing probe into a $400 million Ponzi scheme that targeted blue-collar workers from Long Island.

The defendants are accused of peddling the bogus investments on behalf of Nicholas Cosmo, who in October was sentenced to 25 years in prison for masterminding the swindle though his Hauppauge-based company, Agape World Inc. He bilked more than 5,000 people, promising returns of up to 14 percent, according to a complaint filed by the Securities and Exchange Commission.

“This Ponzi scheme spread like wildfire through Long Island’s middle-class communities because this small group of individuals blindly promoted the offerings as particularly safe and profitable,” said Andrew M. Calamari, the acting regional director for the SEC’s New York regional office.

Tuesday’s civil charges are part of an effort by federal authorities to recover the victim’s losses. Four of the 14 defendants have also been charged criminally in the case: Jason Keryc, of Wantagh; Anthony Ciccone, of Locust Valley; Anthony Massaro, of Boynton Beach, Fla.; and Diane Kaylor, of Bethpage.

Photo: Law enforcement officers clean out the Agape World offices in Hauppauge.