New York businessman Nicholas Cosmo faces up to 40 years in prison for orchestrating a $413 million Ponzi scheme that victimized thousands of investors.
November 01, 2010 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
A businessman nicknamed a “mini-Madoff” because he was arrested only weeks after the billion-dollar swindler, pleaded guilty Friday to charges he orchestrated a $413 million Ponzi scheme that victimized thousands of investors.
Nicholas Cosmo, 39, pleaded guilty to mail and wire fraud in U.S. District Court on Long Island, N.Y., in a plea agreement with federal prosecutors. He faces up to 40 years in prison when he is sentenced in February.
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