CENTRAL ISLIP, N.Y. — A New York businessman, called a “mini-Madoff” because he was arrested weeks after the billion-dollar swindler, was sentenced Friday to 25 years in prison and ordered to pay $179 million in restitution — money he doesn’t have.
Nicholas Cosmo, who apologized as he was sentenced, has had a gambling problem since high school, his lawyer said. He was arrested in January 2009 and pleaded guilty last year to mail and wire fraud.
“I’m going to be working until they put me in the grave,” said one of the victims, Ellen Gabriel, of Yaphank, N.Y., who did not address the court but wept throughout the hearing.
The hairdresser said she lost $130,000 — “my entire life savings” — but added that she had researched before investing: “It’s not like we were stupid.”
Four victims did address the court.
“Everything that these people said about me, for the most part, is true,” said Cosmo, the former head of the Long Island-based Agape World.
