A Long Island man is accused of orchestrating a $413 million Ponzi scheme has been freed on bail. 
Nicholas Cosmo, of Lake Grove, is the former head of the Hauppauge-based Agape World and Agape Merchant Advance in New York City.
Cosmo has pleaded not guilty to charges that he fleeced some 6,000 people.
He was released on a $1.25 million bail package Thursday after almost seven months in jail. Cosmo will be confined to his parents’ Wantagh home and must wear an electronic bracelet.
Bail was granted after Cosmo met a federal judge’s order to have a personal telephone line installed at his parents’ home. The suspect was also required to pay for a security firm to monitor the phone and escort him to and from court.
Copyright 2009 The Associated Press.
