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.
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.