Fund manager pleads guilty to fraud charges
James Nicholson entered the plea Friday to securities fraud, investment adviser fraud and mail fraud before Judge Richard Sullivan in federal court in Manhattan.
He admitted carrying out the fraud between 2004 and last February. Prosecutors say Nicholson cheated investors of between $100 million and $200 million. Nicholson maintains the loss was no more than $20 million.
Sullivan said Nicholson could face up to 45 years in prison when he is sentenced on April 30.
The 43-year-old Saddle River, N.J., resident was arrested last February and has remained jailed.
I hope they throw the book at him. More and more fund managers are taking advantage of the trust of the general public. We can only hope that the Madoff scandle will put some teeth into the penalties assessed and stop this from happening in the future.
ReplyDeleteI find it encouraging that more and more of these weasels are being caught and severely punished. It doesn't make things any better to all of the people that lost their money but maybe it will put a stop to all of the schemes out there!
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