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FILE - Nicholas Cosmo (right) (credit: CBS 2)

Accused Associates Of Nicholas Cosmo, Long Island’s ‘Mini-Madoff,’ Arrested

Four associates of a New York businessman convicted in a $400 million Ponzi scheme were arrested early Wednesday on charges that they pocketed nearly $38 million in commissions for their efforts in advancing the fraud, federal prosecutors said.

04/25/2012

FILE - Nicholas Cosmo (right) (credit: CBS 2)

L.I. Businessman Dubbed ‘Mini-Madoff’ Gets 25 Years

Nicholas Cosmo also was ordered to pay $179 million in restitution with money he doesn’t have.

10/14/2011

L.I. Businessman Admits $413M Ponzi Scheme

CENTRAL ISLIP, N.Y. (AP/WCBS 880) — A New York businessman has pleaded guilty to charges he orchestrated a $413 million Ponzi scheme that victimized thousands of clients. Nicholas Cosmo pleaded guilty to mail and wire […]

10/29/2010