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View Full Version : Judge: Cosmo Entitled To Bail, Under Right Terms



thedrifter
01-30-09, 06:53 AM
Jan 29, 2009 8:30 pm US/Eastern
Judge: Cosmo Entitled To Bail, Under Right Terms
Victims In Alleged Ponzi Scheme Include Several Marines

CENTRAL ISLIP, N.Y. (CBS) ―

The Long Island businessman accused of cheating hundreds of investors made a bid for freedom Thursday. CBS 2 HD has also learned that Nicholas Cosmo allegedly ripped off a pair of Marines just back from Iraq.

It was an "empty suit" carried out of federal court on a hangar by the suspected swindler's sister and brother in law on Thursday. Hopes were dashed that Cosmo would be wearing it.

He remained in detention in an orange jumpsuit, but a judge ruled the 37-year-old suspected mastermind of the alleged $370 million Ponzi scheme can get out under house arrest and 24-hour monitoring. His Agape World Inc. assets would be frozen and he would be permitted to join his wife and three children in their lake Grove home if and when he can secure more bail money.

John Pulaski of Massapequa invested $50,000 in Agape World. He was begging for the opportunity to see Cosmo on Thursday outside court.

"If I could have gotten to him, I would have gotten to him," Pulaski said with a grin. "I pretty much wanted to jump over the podium."

Norma and George Mendoza of Queens also want Cosmo to pay.

"I hope to see him in chains and handcuffs," said George Mendoza, who also invested $50,000 in the doomed operation.

Perhaps the most heartbreaking story Thursday came from two Marine sergeants just back from Iraq.

"It was my entire life's savings. I wanted to buy a house this year," Sgt. Frank Ingrao said. "I put so much money into it."

His entire unit out of the Garden City base still in Iraq invested big chunks of their military pay, and are just learning the painful truth.

"It wasn't an e-mail I wanted to send but it was an e-mail I had to send," Sgt. Devon Thomas said. "I said, unfortunately it was a scam."

In the words of one alleged victim here, if Cosmo does make bail the hope is he's forced to share a penthouse under lock and key with Bernie Madoff as they both await trials for swindling investors.

Federal agents said so far they've accounted for just a fraction of investors' $370 million.

Video

http://wcbstv.com/local/long.island.ponzi.2.921264.html

Ellie