Accused LI Ponzi schemer stays behind bars...for now

? The man accused of running a Ponzi scheme out of a Long Island office remains behind bars Thursday after a judge asked defense lawyers for a higher bail amount. Although the judge said accused schemer

News 12 Staff

Jan 29, 2009, 11:30 PM

Updated 5,655 days ago

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? The man accused of running a Ponzi scheme out of a Long Island office remains behind bars Thursday after a judge asked defense lawyers for a higher bail amount.
Although the judge said accused schemer Nicholas Cosmo is not a flight risk, because he turned himself in Monday evening and doesn?t have any offshore accounts. However, he asked defense lawyers to come up with a different bail amount than the proposed $750,000. In addition, the judge stated that all of Cosmo?s assets in the U.S. have been frozen.
Cosmo is accused of bilking investors out of approximately $370 million through his Hauppauge-based company, Agape World.
One of those alleged victims, Frank Ingrao, said Cosmo needs to remain behind bars.
?I would like to see justice served,? said Ingrao. ?I would like to see him stay in prison until we all have our money back.?
Ingrao, a New York City police officer and U.S. Marine Corps reservist, said he invested about $63,000 with Cosmo two years ago. He also said about 15 other Marines who are currently serving in Iraq trusted Cosmo with their money. He believes Agape brokers deliberately targeted them and other Long Island Marines fighting in Afghanistan and Iraq by setting up easy ways for them to electronically transfer money to the company.
U.S. Postal Inspector Al Weissmann said there is a chance investors? money could be returned. There is no word on Cosmo?s next court date.
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LIfinancier accused of fraud held until bail hearing
FinancialPlanning Association FINRA: Financial Industry Regulatory AuthorityFINRA: Broker CheckCertifiedFinancial Planner: Board of Standards, Inc.Officeof the Attorney Generalpublicinfo@sec.govSEC - What is a Ponzi scheme?SEC - How to avoid fraud


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