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Fund Manager Indicted Over $150M Ponzi Scheme

Law360 (April 23, 2009, 12:00 AM EDT) -- The manager of an unregistered hedge fund was indicted Thursday on charges of fraud stemming from an alleged Ponzi scheme that cost investors at least $150 million.

James Nicholson, the president of money management firm Westgate Capital Management LLC, was charged with four felony counts, including securities fraud and investment adviser fraud, for which he faces up to 30 years in prison.

According to the indictment, filed by federal prosecutors in the U.S. District Court for the Southern District of New York, Nicholson solicited millions of...
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