James Nicholson, the 43 year old president of the investment firm Westgate Capital Management LLC of Manhattan, plead guilty on Friday in New York to fraud charges. He had been previously accused of cheating over $100 million dollars from over 250 investors while lying to them about the state of his business.
Nicholson, who had been jailed after his arrest in February, made his plea in front of Judge Richard Sullivan in Federal Court in Manhattan to the charges of securities fraud, investor fraud, and mail fraud. The crimes Nicholson claimed to have committed transpired between 2004 and February of this year. Prosecutors state that the dollar figure that was lost due to his behavior has yet to be determined but definitely rests between $100 and $200 million, while Nicholson and his defense team maintain the position that it could not have been more than $20 million.
Sullivan said that Nicholson could face upwards of 45 years and in Federal prison, and a yet undetermined sum in fines when sentencing occurs on April 30th.
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