Judge to rule on bail for NY man accused of fraud

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Associated Press

Posted on October 9, 2009 at 9:03 AM

CENTRAL ISLIP, N.Y. (AP) — A federal judge is expected to decide Friday whether a New York businessman accused of orchestrating a $413 million Ponzi scheme will be permitted to remain free on bail.

The judge on Thursday found that Nicholas Cosmo had violated bail conditions by using a computer and asking his girlfriend to download some of his business e-mails.

Cosmo formerly headed the Long Island-based Agape (uh-GAH'-pay) World and Agape Merchant Advance in New York City.

He has pleaded not guilty to charges of fleecing some 6,000 people.

Cosmo is free on a $1.25 million bail package that allows him to stay under house arrest.

The judge will determine whether bail conditions should be toughened or whether Cosmo should be held jailed until his trial.

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