Plea expected for fund manager accused in scam

AP News
Posted: Dec 07, 2009 2:36 PM

A federal judge has warned investors that a fund manager accused of cheating investors of about $150 million is expected to resolve his case with a plea this week.

Judge Richard Sullivan in Manhattan notified investors who may have been harmed by the alleged actions of 43-year-old James Nicholson that he will enter a plea on Friday.

Sullivan wrote in an order that he was issuing the notification because federal crime victims have a right to be heard at any proceeding involving release, plea, sentencing or a parole hearing.

Nicholson, of Saddle River, N.J., was arrested last February on securities fraud charges. He has remained jailed. His lawyer did not immediately return a call for comment.