Big-House Guru

Almost without exception, his clients initially express a desire to be placed in whatever federal facility is closest to home. "Naturally, they want to be somewhere where visits from family and friends are most convenient. That's not always the best thing. In the first place, that institution might not offer the programs that are most beneficial. And, I explain, the truth of the matter is that after a while, the visits aren't going to be as regular as they think. People on the outside get on with their lives."

While he has high expectations, his venture has not returned him to the financial stratosphere. Divorced, he lives in an extended-stay hotel because as an ex-con he can't find a leasing agent who will rent him an apartment. His business is basically a cell phone and a post office box.

And, he's aware, there are those who view him skeptically. There are lawyers out there who simply can't bring themselves to pay an ex-con to help their clients, he says. "I just have to accept that." And, of course, there are those whose money he squandered. They aren't likely to ever be convinced Cohen has gone straight.

If his business ever makes it big, he says, he'd like to repay those he bilked. "I live every day with the fact I'm a convicted felon, that I've done bad things and hurt a lot of people," he says. "No matter what I'm able to accomplish from here on out, that's never going to change."