Second Man Charged in $400 Million LI Swindle

By Alice McQuillan
|  Friday, May 21, 2010  |  Updated 6:15 PM EDT
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Second Man Charged in $400 Million LI Swindle

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Novartis Pharmaceuticals Corp. was found guilty of gender discrimination and is required to pay millions in damages.

A second man has been charged in an alleged $400 million Ponzi scheme on Long Island that had cheated some 1,500 people, authorities said Friday.

Richard Barry, who worked at the former Hauppauge investment firm Agape World and was active in little league baseball, was accused of mail fraud conspiracy, prosecutors said.

Barry, of Seaford, lied to investors and promised them unrealistically high rates of return while talking up business deals that were mostly fiction, according to a criminal complaint filed Thursday.

Barry had worked as an office manager and vice president for alleged Ponzi mastermind Nicolas Cosmo, who is reportedly trying to negotiate a plea deal on multiple counts of mail and wire fraud that could imprison him for life if convicted.

Cosmo, of Lake Grove, had pleaded not guilty and was set to go on trial next January.

After a court appearance in Central Islip, Barry was released on $200,000 bond secured by two homes.  A call to his defense attorney was not immediately returned.


 

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