Investment manager sentenced to 40 years for Ponzi schemePosted: Updated:
A Pearl River investment manager was sentenced to 40 years in jail today for a multimillion-dollar Ponzi scheme.
James Nicholson, who started West Gate Capital Management, admitted to swindling more than $100 million from his clients.
Some of his victims were in Manhattan federal court to hear the sentencing and one by one describe the pain Nicholson inflicted on their families. Nicholson says he is sorry for what he has done.
The judge says he will request for Nicholson to be sent to a prison that is close to his three young sons.