October 29, 2010
Westgate Capital Fund Manager Sentenced in Manhattan Federal Court to 40 Years in Prison for $133 Million Ponzi Scheme
PREET BHARARA, the United States Attorney for the Southern District of New York, announced that JAMES NICHOLSON—the president, senior portfolio manager, and sole managing member of investment firm Westgate Capital Management LLC—was sentenced today to 40 years in prison on charges stemming from a Ponzi scheme involving losses of approximately $133 million. NICHOLSON was sentenced in Manhattan federal court by U.S. District Judge RICHARD J. SULLIVAN.
Westgate Capital Fund Manager Sentenced in Manhattan Federal Court to 40 Years in Prison for $133 Million Ponzi Scheme
PREET BHARARA, the United States Attorney for the Southern District of New York, announced that JAMES NICHOLSON—the president, senior portfolio manager, and sole managing member of investment firm Westgate Capital Management LLC—was sentenced today to 40 years in prison on charges stemming from a Ponzi scheme involving losses of approximately $133 million. NICHOLSON was sentenced in Manhattan federal court by U.S. District Judge RICHARD J. SULLIVAN.
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