I could post a story like this every day. But the refrain is always the same and you would get bored. But here is yet another story of a Hedge Fund manager, James Nicholson of Westgate Capital, who plead guilty to fraud.
As a result of his fraud, Prosecutors believe Mr. Nicholson cost investors as much as $133 million. But, if it makes you feel any better, Mr. Nicholson now says he is “greatly ashamed.” He faces 45 years in prison. The Wall Street Journal article is here.
Take heart Mr.Nicholson. According to another article in the Wall Street Journal prison life ain’t so bad for hedge fund fraudsters. Bernie Madoff seems to be adjusting rather nicely and is gaining the “respect” of his fellow inmates. Honor among thieves, indeed. The article is here.