Manitowoc Man Charged in Ponzi Scheme
Federal prosecutors are indicting a Manitowoc man who allegedly set up a Ponzi scheme that took more than $3 million dollars from victims. 67-year old James Nickles faces 18 charges of wire fraud and one count of money laundering. The conviction on all charges would add up to a 370 year prison sentence and $500,000 in fines. Nickles is accused of running the scheme from 2006 to 2017, telling victims he was investing their money in a business called “Fiscal Concierge”. He actually used the money to pay interest and money promised to previous investors – and to pay for personal expenses.