Reuters – A federal judge rejected Westgate Capital Management LLC founder James Nicholson’s request to shorten his 40-year prison term for running a $140 million Ponzi scheme at his hedge fund firm, likening it to the much larger fraud run by Bernard Madoff.
U.S. District Judge Richard Sullivan in Manhattan on Monday [Sept. 22] turned aside Nicholson’s claims of ineffective assistance of counsel by his former lawyer, saying he would have imposed the same sentence even if other legal arguments had been made.
