http://www.telegraph.co.uk/news/worldnews/northamerica/usa/4809243/US-fund-managers-charged-with-fraud-over-multi-million-dollar-scams.html


In the latest in a string of huge corporate fraud cases, James Nicholson, a New Jersey fund manager, was accused of cheating investors out of as much as $900 million since 2004. Prosecutors described it as “an egregious fraud of immense proportions”.

Investigators in New York said the fraud was discovered after several investors tried to redeem money from Mr Nicholson’s Westgate Capital Fund after hearing of the alleged $50 billion fraud by Bernard Madoff.

Those they allegedly defrauded included universities, charities and pension funds.