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Investment Manager Sentenced for Mail Fraud Scheme
A local investment manager has been sentenced to one year in federal prison for his role in a mail fraud scheme that caused significant financial losses to his clients. Ronald W. Nichter, 60, of Pendleton, Indiana, was convicted on eight counts of mail fraud and ordered to serve a one-year sentence by U.S. District Judge William T. Lawrence.
Nichter, who managed securities for clients in central Indiana, including Anderson, Pendleton, and Greenfield, created false documents with forged client signatures to request funds be withdrawn from their investment accounts. The checks issued in response to these documents were then forwarded to addresses to which Nichter had access, and he deposited the money into his bank account for his own personal use.
The scheme began in October 2009 and continued for an unknown period of time. The United States Secret Service investigated the case, which was prosecuted by Assistant U.S. Attorney Bradley P. Shepard. Nichter will also face two years of supervised release after serving his sentence and must make full restitution.
“The victims in this case worked hard for their money, and they expected the defendant to work equally hard to protect it,” said U.S. Attorney Josh J. Minkler. “Instead, this alleged scheme violated their trust and resulted in significant losses to their investment accounts.”
Nichter’s actions have left his clients with significant financial losses, and the case serves as a reminder of the importance of protecting one’s investments. The sentence handed down by Judge Lawrence is a stark reminder of the consequences of engaging in such deceitful behavior.
The case is a sobering reminder of the devastating impact of financial crimes on individuals and communities. It highlights the need for vigilance and caution when dealing with financial advisors and investment managers. By holding those responsible accountable, we can work towards a safer and more secure financial environment for all.
As the investigation continues, it is clear that Nichter’s actions were a betrayal of trust and a gross abuse of his position as an investment manager. His sentence serves as a warning to others who may consider engaging in similar behavior.
Key Facts
- State: Indiana
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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