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Local Investment Manager Charged with Mail Fraud and Identity Theft
INDIANAPOLIS, IN – Ronald W. Nichter, a 58-year-old Pendleton resident, has been charged with eight counts of mail fraud and eight counts of aggravated identity theft in a federal indictment announced by United States Attorney Joseph H. Hogsett.
The indictment alleges that Nichter, a local investment manager, engaged in a scheme to defraud his clients of their funds by fraudulently withdrawing money from their accounts for his personal use. According to Hogsett, the victims in this case worked hard for their money and expected the defendant to work equally hard to protect it.
The indictment alleges that Nichter purchased and managed securities on behalf of clients in and around central Indiana, with clients in Anderson, Pendleton, and Greenfield, among other locations. As part of his duties, the defendant would meet with the clients and create an investment profile that included personal information such as the person’s name, date of birth, Social Security number, and investment goals.
Beginning in October 2009, it is alleged that Nichter created false documents with forged client signatures that requested funds be withdrawn from their investment accounts. The checks issued in response to these documents would then be forwarded to one of two addresses – a P.O. Box in Pendleton rented by the defendant, and the home of the defendant’s former assistant. Nichter allegedly took custody of these checks, depositing them into his bank account and spending the money for his own benefit.
Assistant U.S. Attorney Bradley P. Shephard is prosecuting the case for the government, and it was the result of investigative work by the United States Secret Service. Nichter could face up to 20 years in federal prison on each count of mail fraud, and at least 2 years in federal prison on each count of identity theft. He also faces significant fines and years of federally-supervised release if convicted.
A criminal complaint or indictment is only a charge and is not evidence of guilt. All defendants are presumed innocent and are entitled to a fair trial at which the government must prove guilt beyond a reasonable doubt.
Nichter’s case is a disturbing example of how financial crimes can have devastating consequences for victims. As a society, we must remain vigilant in protecting ourselves and our loved ones from such schemes.
Key Facts
- State: Indiana
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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