Judge Refuses To Cut New York Fund Manager’s 40-year Ponzi Sentence

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 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. More on Business Insider here.