Tuesday, 1 September 2015
Last updated 29 min ago
Nov 3 2011 | 8:19am ET
Almost three years after James Nicholson's Ponzi scheme collapsed, his victims are finally on the verge of getting some of their money back.
The federal judge who sentenced Nicholson to 40 years in prison last year has signed an order directing the court clerk to begin cutting checks to those who lost money in the $141 million hedge fund fraud. A pair of government efforts to recover money found $19.6 million, which will be distributed to clients of Nicholson's Westgate Capital Management who did not withdraw more from the scam than they put in.
U.S. District Judge Richard Sullivan issued the order to pay victims on Tuesday. It is unclear precisely when the first checks will go out.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…