US Balks At Bail For Alleged Ponzi Schemer Cosmo

Law360, New York (April 29, 2009, 12:00 AM EDT) -- A judge has agreed to release Agape World Inc. owner and accused $413 million Ponzi schemer Nicholas Cosmo on $750,000 bond, now that he has pled not guilty to numerous fraud counts. But Cosmo remained incarcerated Wednesday evening, and the government said it would appeal the bail ruling.

Cosmo pled not guilty to 10 counts of wire fraud and 22 counts of mail fraud on Wednesday, and Magistrate Judge E. Thomas Boyle of the U.S. District Court for the Eastern District of New York granted a...
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