$10M In Clawbacks OK'd In Westgate Fraud Suit

Law360, New York (December 16, 2010, 3:25 PM EST) -- A federal judge has signed off on nearly $10 million in clawback settlements in the U.S. Securities and Exchange Commission's suit against prison-bound Ponzi schemer James M. Nicholson, who founded Westgate Capital Management LLC before using it to swindle investors out of as much as $140 million.

Judge Richard M. Berman on Wednesday approved receiver Lee S. Richards' motion to approve the deals he reached with 45 investors in charities, including clawbacks on large donations to a hospital, a foundation for New York City firefighters, the...
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