Judge OKs Payments To Fraud Victims

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.


In Depth

Israeli Hedge Fund Harnesses Big Data

Jul 28 2014 | 8:10am ET

Apica Green is a multi-million dollar Israeli hedge fund that is based in Tel Aviv...

Lifestyle

David Yarrow On Growing His Hedge Fund And Shooting The Animals And People Of Africa - As A Photographer

Jul 23 2014 | 6:44am ET

While he’s always been a photographer, recent expeditions to Iceland, Ethiopia...

Guest Contributor

Why Is The Shipping Industry Underwater?

Jul 31 2014 | 7:31am ET

Anyone who’s taken a look at the global shipping industry recently probably knows...

 

Publisher's Note