Westgate Fraud Victims Get Restitution Checks

Nov 29 2011 | 10:27am ET

Victims of James Nicholson's $141 million hedge fund fraud have a little something to be thankful for in the wake of the holiday weekend.

The first restitution checks reached investors in Nicholson's Westgate Capital Management over the weekend or yesterday, the Bergen (N.J.) Record reports. The checks cut represent almost all of the $19.6 million recovered by the federal government from the Ponzi scheme, which collapsed two-and-a-half years ago.

The restituted money accounts for only about 14.5% of the money raised by Nicholson.

Nicholson's victims will likely get more money back, but not much: The U.S. Marshals Service is holding on to $25,000 as it seeks to sell a pair of properties in New Jersey owned or purchased by Nicholson. The two homes are listed for a combined total of $677,400.

Nicholson himself is serving a 40 year prison sentenced.


In Depth

Don’t Overlook These 6 Hybrid Cloud Concerns

Sep 14 2017 | 6:27pm ET

Cloud-based technology solutions have made tremendous inroads into the alternative...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Cash: An Asset In Adolescence

Aug 31 2017 | 3:34pm ET

If the investment industry has a rebellious teenager in the house today, that teenager...