Westgate Founder Gets 40 Years For Ponzi Scheme

Law360, New York (October 29, 2010, 6:19 PM EDT) -- A judge on Friday sentenced former Westgate Capital Management LLC founder James M. Nicholson to 40 years in prison for bilking investors out of as much as $140 million, a penalty falling just shy of the 45-year maximum sentence requested by prosecutors.

Judge Richard J. Sullivan handed down the sentence in the U.S. District Court for the Southern District of New York, saying that he wanted to preserve "a very slim hope" that 44-year-old Nicholson may get to enjoy some time outside of prison before he...
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