Accused $413M Ponzi Schemer Cosmo Cops Plea

Law360, New York (October 29, 2010, 7:06 PM EDT) -- Former Agape World Inc. head Nicholas Cosmo, whom prosecutors have accused of running a $413 million Ponzi scheme, pled guilty Friday to mail and wire fraud.

Cosmo faces the possibility of up to 40 years in prison after pleading guilty to one count of mail fraud and one count of wire fraud in the U.S District Court for the Eastern District of New York, said Robert Nardoza, a spokesman for the U.S. Attorney's office.

Cosmo is slated for sentencing in February.

Cosmo was arrested in January...
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