A federal grand jury in Wisconsin’s Eastern District has indicted 67-year-old James Nickels of Manitowoc on 18 counts of wire fraud and one count of money laundering.
The indictment states that from September 2006 to August 2017 Nickels ran a scheme that made materially false representations, omissions and promises to entice people to invest in a business known as The Fiscal Concierge.
During the scheme, Nickels failed to let potential investors know he used money from new investors to pay interest and principal promised to previous investors and to pay his own personal expenses.