Accused LI Ponzi schemer under house arrest
The owner of a Hauppauge investment firm accused of stealing hundreds of millions of dollars from investors was released from jail on bond Thursday.
Nicholas Cosmo, CEO of Agape World, was arrested in January. The Lake Grove man is accused of conning investors out of more than $413 million.
Under the bond agreement with prosecutors, Cosmo?s family had to put up two homes, their 401ks and bank accounts. Cosmo must wear a GPS tracking device, stay in his house and get another phone line on which his conversations will be monitored.
Cosmo can only leave the house to come to court. He is due back in the courtroom next week.