Year after year, the FBI breaks up Southern California Ponzi schemes and year after year they return.
Apparently, there's just too much damn money at stake. Men continue to roll the dice and ignore the potential dire consequences.
Irvine's Richard H. Nickles is facing those consequences today.
According to an FBI statement, the 57-year-old businessman has been charged with four counts of mail fraud and two counts of securities fraud while stealing "more than $10 million from about two dozen victims, many of whom were elderly residents of Orange County and Los Angeles County."
Nickles owns Innovative Advisory Services, Inc., which is based in Santa Ana.
He used ads in The Orange County Register and Los Angeles Times to solicit business, according to the FBI.
If convicted, Nickles--who remains in custody--faces a maximum prison sentence of 50 years and is scheduled to be arraigned today in U.S. District Court.
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