A former Indianapolis broker, Ronald W. Nichter, has reportedly been sentenced for his role in a fraud scheme.
According to a press release, Nichter was sentenced to one year in prison for eight counts of mail fraud in connection with a scheme to defraud clients.
Beginning in October 2009, Nichter allegedly created fraudulent documents and forged client signatures to withdraw funds from client accounts. The checks were purportedly then forwarded to an address accessible to Nichter. He then allegedly deposited the checks into his personal bank account and spent the money.
According to United States Attorney Josh J. Minkler, “The victims in this case worked hard for their money, and they expected the defendant to work equally hard to protect it. Instead, this alleged scheme violated their trust and resulted in significant losses to their investment accounts.”
Nitcher scheme lasted about three years and defrauded more than $160,000 from residents living around central Indiana.
According to BrokerCheck, Nichter was a registered representative of the firm Cantella & Co from 02/2006 – 04/2013.
When a broker steals or misappropriated client funds, not only can they be held liable for investment losses, the firm that employs such brokers may also be on the hook for losses.
If you suffered losses investing with Ronald W. Nichter and would like to discuss your litigation options, please call the securities attorneys of The White Law Group at 1-888-637-5510 for a free consultation.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Vero Beach, Florida.
For more information on The White Law Group, please visit our website at www.whitesecuritieslaw.com.