Accused swindler Cosmo released on bail
by David WinzelbergPublished: July 23, 2009Tags: Agape World, crime, Nicholas Cosmo, scams
After spending nearly six months at the Nassau County jail, Nicholas Cosmo was released on $1.25 million bail Thursday afternoon.
Judge Michael Orenstein signed the order that allowed the alleged Ponzi-schemer to trade in his orange jumpsuit for the blue shirt and navy suit his sister brought to court for him.
Only a handful of victims from the alleged Agape World scam attended the hearing in the federal courthouse in Central Islip.
Cosmo bounded down the steps trying to dodge reporters’ questions and a soaking rain, accompanied by his attorney Stacey Richman.
He then got into a red GMC SUV escorted by two U.S. court police vehicles and sped away.
The feds have charged Cosmo with taking $413 million from thousands of investors. Richman has asked the court to delay hearings on the case until September 25.
If convicted, Cosmo faces a return to federal prison for as many as 30 years. He served 21 months for a prior fraud conviction and was released in August 2000.
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