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FBI arrests NY, Fla. associates of Ponzi schemer

FBI arrests NY, Fla. associates of convicted Ponzi scammer known as the 'mini-Madoff' By The Associated Press

CENTRAL ISLIP, N.Y. (AP) ' The FBI says it has arrested four associates of a New York man convicted in a $400 million Ponzi scheme.

FBI spokesman J. Peter Donald says three men and one woman were arrested without incident early Wednesday. Three of them were arrested on Long Island and a fourth was taken into custody in Florida.

The three New York suspects are due in U.S. District Court in Central Islip (EYE'-slihp) later Wednesday.



The four are associates of New York businessman Nicholas Cosmo. He was nicknamed "mini-Madoff" because he was arrested weeks after the notorious billion-dollar swindler was arrested in 2009.

Cosmo pleaded guilty to mail and wire fraud and is serving 25 years.

Bernard Madoff looted billions from victims that included charities, celebrities and institutions. Cosmo targeted mainly blue-collar workers.


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