Ponzi Scheme Con-Man May Be Freed on Bail
A report on January 29, 2009, stated that E. Thomas Boyle, Federal Judge, ruled that Ponzi scheme con man Nicholas Cosmo, 37 can be freed on bail but will have to come up with more money first. Ordering Cosmo back to jail, Boyle stated that he did not believe that Cosmo, aka “little Bernie Madoff,” was a flight risk.
Boyle said, “Bail must be substantial,” and also suggested that Cosmo be placed under intense surveillance. Bail conditions for Cosmo in the $350 million fraud case will be set in a hearing set for next week.
Cosmo fidgeted uneasily in an orange jumpsuit throughout the hearing then sat motionless as the Judge denied his lawyer’s bail proposal.
According to the prosecution, Cosmo duped 1,500 investors out of millions with guarantees of 4% a month in returns on loans to companies in this NY white-collar crime case.
Cosmo made bad commodity wagers and lost millions paying brokers $50 million more.
More than half of the 350 million dollars belonging to his investors remain unaccounted for by the authorities.
Victims overflowed the Long Island courtroom and told anguished stories of life savings never to be seen again.
The best way to handle all of these white-collar crime situations is to call a lawyer immediately and never offer any information to the police or FBI. This information will be used against you and it will be allowed in at trial because the court will say you are not yet in custody.
Whether you are an individual employee facing a charge or investigation or are in charge of an entire international corporation, the New York and Georgia white-collar crime defense lawyers can help.