BANKRUPT BANKER
Convicted money manager James Nicholson should serve 45 years in prison for a $140 million fraud
Saturday 16 October 2010
U.S. suggests 45 years for fund fraudster Nicholson Reuters: "Convicted money manager James Nicholson should serve 45 years in prison for a $140 million fraud that unraveled when investors grew suspicious after Bernard Madoff's arrest, U.S. prosecutors said on Friday.
Nicholson, 44, former president of Westgate Capital Management LLC, pleaded guilty in U.S. District Court in New York last December to securities fraud, investment adviser fraud and wire fraud charges.
In court papers on Friday, prosecutors recommended the 45 year-long prison term for a decade-long fraud in which he bilked hundreds of investors, some of whom he personally knew. The term is the maximum allowed following his guilty plea."
