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Accused Ponzi-Schemer Looks to High-Profile Lawyer

Nicholas Cosmo, the Long Island native accused of running a $380 million Ponzi scheme, is switching attorneys and may bring on Stacey Richman, a prominent defense attorney whose former clients include prominent rap stars, among others.

"I am waiting for the OK from the government," Richman told CNBC.

Richman is the daughter of famed criminal attorney Murray Richman. Mr. Richman has represented rapper Jay-Z as well as the Gambino and Genovese crime families. For her part, Ms. Richman has represented rappers Lil Wayne and Ja Rule, both of whom were arrested in 2007 on felony gun possession.

Nicholas Cosmo
CNBC.com
Nicholas Cosmo

Ms. Richman told CNBC she has been working with Cosmo since November of last year. She declined further comment. She says additional paperwork needs to be completed, and further discussions need to be held with Cosmo's current attorneys, Stephen Feldman and Arthur Jakoby of the law firm Herrick, Feinstein.

David Brooks, a spokesman for Herrick, Feinstein, declined comment.

Cosmo was arrested and charged with one count of mail fraud in January. He is accused of running a Ponzi scheme, through his Hauppage, N.Y.-based company Agape World. He allegedly lured over 1,000 clients promising returns of over 60 percent on their investments.

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