Judge considers revoking bail for NY businessman accused of orchestrating $413M Ponzi scheme

Judge reconsiders bail for NY man accused of fraud

CENTRAL ISLIP, N.Y. — A federal judge is considering a request by prosecutors to revoke bail for a New York businessman accused of orchestrating a $413 million Ponzi scheme.

Prosecutors contend Nicholas Cosmo violated conditions of his release.

He was released in July on a $1.25 million bail package. He was to remain under house arrest at his parent’s Wantagh (WAHN’-tah) home, which includes monitoring by a private security firm.

Prosecutors say Cosmo broke the rules by using a computer, asking his girlfriend to access the Internet for him and by trying to sell an expensive watch.

Cosmo is the former head of the Long Island-based Agape (uh-GAH’-pay) World and Agape Merchant Advance in New York City. He has pleaded not guilty to charges that he fleeced some 6,000 people.