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Ponzi Scheme Con-Man May Be Freed On Bail

By Conaway and Strickler

A report on the NY Daily News website dated 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 as ?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...continue to full post

Full post as published by Georgia Criminal Defense Blog on February 25, 2009 (boomark / email).