'Mini Madoff' Gets 25 Years For $413M Investment Scheme

Law360, New York (October 14, 2011, 6:03 PM EDT) -- A businessman dubbed "mini Madoff" by the media in reference to Bernard L. Madoff was sentenced Friday in New York federal court to 25 years in prison for crimes associated with allegedly masterminding a $413 million Ponzi scheme.

As part of the sentence handed down in the Eastern District of New York, former Hauppauge, N.Y., resident Nicholas Cosmo must also pay $179 million in restitution to the more than 4,000 victims of the scheme, and he agreed to an asset forfeiture judgment of more than $409.3...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.