Ponzi Fraudster Faces 45 Years After Guilty Plea

Law360, New York (December 11, 2009, 4:52 PM EST) -- The former manager of a hedge fund pled guilty Friday to three fraud charges in a case where prosecutors alleged he bilked investors out of $133 million in a Ponzi scheme.

James Nicholson pled guilty to mail fraud, securities fraud and investment adviser fraud in the U.S. District Court for the Southern District of New York, according to a statement from the U.S. attorney's office. He faces a combined maximum sentence of 45 years in prison for all three charges.

"James Nicholson swindled his victims out...
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