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He was also accused of bribing the crew not to return to the wreck site to pick up survivors crying out in the icy water. But now evidence has emerged which sheds light on the Old Etonian's actions, and paints him as a hero of the disaster.
A letter written by his wife's secretary, Mabel Francatelli, describes the harrowing events of April 14 and 15, 1912. Miss Francatelli tells her family how she and her mistress clung to Sir Cosmo, refusing to climb into a lifeboat without him, suggesting that he was forced to take a seat to save their lives.
And, she says, there were no other women on deck to fill up the boat, so a ship's officer was happy to let Sir Cosmo join them.
A copy of the letter has been put up for sale at Christie's in London by her nephew, along with the cork-filled lifejacket she wore that evening. The lot is expected to fetch up to £80,000.
Sir Cosmo was cleared of any wrongdoing by the British Board of Trade inquiry, but his reputation was ruined, and the stigma remained until his death in 1931.
Miss Francatelli, then 30, of Streatham, South London, recorded the events in gripping detail, from a hotel in New York five days after the disaster. "We walked to the end of the boat and they were letting down the last lifeboat on our side and calling for anymore (sic) women, and pulled at us, but we clung on to Sir Cosmo and said we would not go without him, so they lowered the boat," she wrote.
"Presently there was a little boat at the end, what they called the emergency boat, the officers standing there told some stokers to man the boat and no other women were there, so Sir Cosmo asked if we could get in, and we said we would if he could come.
The dear officers let us, and we dropped into this boat, then they let it down to the water." The group were later picked up by the Carpathia. Her words back up Sir Cosmo's testimony to the inquiry into the sinking. He claimed that First Officer William Murdoch had practically invited the party to get into that particular boat.
This is not the first time Miss Francatelli has endorsed his version of events. Sir Cosmo was accused of paying the crew of the lifeboat £5 each to row away from the ship, for fear they might be swamped by the waves or survivors.
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