Cheating Fund Manager Pleads Guilty

Friday, Dec 11, 2009  |  Updated 3:17 PM EDT
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Where's the Money?

James Nicholson when he was arrested in February

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Four Arrested in Securities Fraud Schemes

Four men were arrested for alleged securities fraud in three separate schemes, including two fund managers accused of scamming several universities.

Where's the Money?

Millions of dollars are unaccounted for and worried investors are asking questions of a Connecticut man.
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A fund manager accused of cheating investors of about $150 million pleaded guilty today, admitting he lied to hundreds of investors about the health of his business.

James Nicholson entered the plea Friday to securities fraud, investment adviser fraud and mail fraud before Judge Richard Sullivan in Manhattan federal court.

He admitted carrying out the fraud between 2004 and last February, when he was arrested. Prosecutors say Nicholson cheated investors of between $100 million and $200 million. Nicholson maintains the loss was no more than $20 million.

Sullivan said Nicholson, 43, from Saddle River, N.J., could face up to 45 years in prison when he is sentenced on April 30. He has remained jailed since he was arrested in February.

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