A 67-year-old Manitowoc man pleaded not guilty today to multiple federal fraud charges. James Nickels faces 18 counts of wire fraud and one count of money laundering for allegedly setting up a ponzi scheme that netted more than $5 million from its victims. Court records show that from approximately September 2006 to August of last year Nickels said he’d invest their money in a business called Fiscal Concierge. But instead he was allegedly using the money to pay interest and principal that had been promised to previous investors and pay personal expenses. Prosecutors allege that those who invested their money with Nickels had a total net loss of approximately $3.2 million. He also has failed to pay any of the $3.6 million in restitution plus a $50,000 fine. If convicted on all charges Nickels could face up to 360 years in prison and a $500,000 fine. A trial date is scheduled for August 6th.
Manitowoc Man Pleads Not Guilty to Federal Fraud Charges
Jun 6, 2018 | 2:41 PM
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