Nickels Reaches Plea Deal in Ponzi Scheme Case

A plea deal has been reached in the Ponzi scheme case against the former owner of The Fiscal Concierge. 67-year-old James Nickels of Manitowoc pleaded guilty to one count each of wire fraud and money laundering in the agreement that was filed on Wednesday. According to the indictment, Nickels “knowingly and with the intent to defraud, devised and participated in a scheme to defraud investors and to obtain money and property by means of materially false and fraudulent pretenses, representation, omissions and promises.” In doing so, Nickels collected over $5 million while his investors lost over $3 million. Under the agreement, Nickels faces a recommended maximum sentence of six years in prison. Nickels is still scheduled for a pre-trial conference on Friday, and a jury trial on March 4^th.