Suspect in $370M Ponzi scheme to plead guilty

October 29, 2010 4:03:32 AM PDT
Nicholas Cosmo, accused of running a $370 million Ponzi scheme, is expected to plead guilty in federal court in Central Islip Friday.

Victims of Cosmo's fraud are expected to attend the hearing, and several of them will address the court.

Letters have also been submitted outlining the losses of some of his 6,000 victims, many of them blue collar workers.

The 39-year-old Cosmo was charged in a 32-count criminal indictment in April 2009 that included mail and wire fraud.

He promised the victims high rates of return through deals with his two Hauppauge-based companies, Agape World and Agape Merchant Advance.

The scheme ran from October 2003 to January 2009.

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