Ponzi Schemer Broke Bail Rules
A federal judge recently said a New York businessman accused of orchestrating a four hundred thirteen million dollar Ponzi scheme has violated his bail conditions. US District Court judge Dennis Hurley allowed Nicholas Cosmo to remain free pending a hearing Friday on whether to revoke his one and a quarter million dollar bail package. Judge Hurley agreed with prosecutors after a two-day hearing on Cosmo’s violation of bail terms – namely, using a computer and asking his girlfriend to download some of his business e-mails.
Cosmo is the former head of the Long Island-based Agape World and Agape Merchant Advance – he has pleaded not guilty to having fleeced over six thousand people. He was released in July provided he remain under house arrest at his parent’s Wantagh home.
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