Federal prosecutors have indicated they’re indicting a Manitowoc man for reportedly setting up a ponzi scheme that netted more than $3-million from its victims. Prosecutors say 67-year old James Nickels faces 18 charges of wire-fraud and 1-count of money-laundering. If convicted on all charges, they could add up to a maximum 360 years prison sentence and a $500,000 fine.
Nickels ran the scheme between 2006 and 2017, according to the U.S. Attorney for the Eastern District of Wisconsin. The complaint indicated the local resident was telling victims he’d invest their money in a business called ‘Fiscal Concierge.’ But instead, he was using their money to pay interest & principal that had been promised to previous investors & pay personal expenses.