Cosmo was arrested Monday and charged with mail fraud. He was ordered held until the bail hearing at his first court appearance Tuesday.
Tens of millions of dollars from about 1,500 investors of Cosmo's Agape World Inc. and Agape Merchant Advance cannot be accounted for, prosecutors said.
Of the $370 million, $55 million was paid to brokers, and about $80 million was lost by Cosmo in commodities futures trading accounts. Early investors in the scheme received payouts but the accounting remains murky.
Cosmo's firm had only $746,000 in the bank last week, prosecutors said.