Westgate President To Make Ponzi Fraud Plea

Law360, New York (December 7, 2009, 7:16 PM EST) -- A federal judge has put Westgate Capital Management LLC investors on notice that the unregistered hedge fund's president, who stands accused of running a $150 million Ponzi scheme through the company, is expected to offer up a plea on Friday.

A plea will be held in James Nicholson's criminal proceedings on Dec. 11, Judge Richard J. Sullivan ruled in the U.S. District Court for the Southern District of New York on Friday.

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