Nicholas Cosmo, the Long Island man accused by federal prosecutors of running a $380 million Ponzi scheme, was granted a 30-day continuance by United States District Court Judge Thomas E. Boyle on Friday.
The continuance had been requested by Cosmo's attorney and the government. Prosecutors told the judge that victims of the scheme continue to call to report their losses.
Court papers filed Wednesday say "both sides want the extension because they are engaged in plea negotiations which they believe are likely to result in a disposition of this case without trial", but Stacey Richman, who recently replaced Cosmo's first attorneys, says no plea negotiations have taken place. She says both the defense and prosecution continue to investigate the case.
Cosmo remains in jail as the two sides have yet to agree on his bail conditions.