A federal magistrate has granted a delay in the criminal case against a Long Island businessman accused in a $370 million Ponzi scheme.
U.S. Magistrate E. Thomas Boyle said Friday that he would allow a delay until the middle of next month in the case against Nicholas Cosmo, the chief executive of Hauppauge-based Agape World Inc.
Cosmo was arrested last month on charges he paid early investors extraordinary payments on what they believed was a company making high interest bridge loans. Prosecutors say the payouts were actually coming from subsequent investors.
Cosmo's attorney says she requested the delay in U.S. District Court in Central Islip because she said she was new to the case and still hadn't received “all the paperwork.''
Copyright AP - Associated Press
