News from wall street just in – James Nicholson, 42, manager of investment firm Westgate Capital Management LLC, has been arrested on charges of securities fraud and bank fraud. He was apprehended wednesday morning at his home in Saddle River, N.J. He was scheduled to appear in a Manhattan federal court later today.
james nicholson, westgate capital management, was arrested wednesday
Nicholson lied to his investors – who had inserted around one hundred million dollars into various Westgate Funds since 2004 - when he told them that his company had assets under its management system going from six-hundred to nine-hundred million dollars. In reality, the material value of the assets was far lower than this figure.