Fraudster Nicholson Wants New (Presumably Shorter) Sentence

Jun 17 2011 | 3:53am ET

Convicted hedge fund fraudster James Nicholson would like to be out of prison before his 80s. So he's blaming his lawyer for the 40-year sentence he received last year and asking the court for a do-over.

The Westgate Capital Management scammer, who ripped investors off to the tune of $140 million, has a new lawyer. And, unsurprisingly, that new lawyer doesn't think much of the job his old lawyer did.

"In an atmosphere of growing judicial criticism of the fraud guidelines and increasing disparity among sentences in fraud cases based on different judicial philosophies—precisely the disparity that national sentencing policy endeavors to eliminate—it was incumbent on counsel to preserve all sentencing challenges, not bargain them away for illusory gain," Andrew Frisch wrote. As part of Nicholson's plea agreement, he waived his right to appeal his sentence.

The New Jersey man had second thoughts when U.S. District Judge Richard Sullivan in November handed down a 40-year sentence; Frisch noted that Nicholson was under the impression that a sentence in excess of 20 years was "a theoretical but not a real possibility."

Frisch said Nicholson is not seeking to change his guilty plea.

In Depth

Financial Industry Blockchain Consortium R3 To Open-Source Platform Code

Oct 20 2016 | 9:03pm ET

Bitcoin's blockchain technology has spawned a flurry of activity among fintech startups...


U.S. Trust's Beard: The Rapid Growth of the Art Lending Industry

Oct 7 2016 | 10:55pm ET

Alternative investment managers have emerged as some of the most significant art...

Guest Contributor

Hedge Fund Marketing – Tips for Your Initial Sales Meeting

Sep 29 2016 | 5:46pm ET

There are two main goals a hedge fund should have for an initial in-person sales...