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.
R. Scott Moxley’s award-winning investigative journalism has touched nerves for two decades. An angry congressman threatened to break Moxley’s knee caps. A dirty sheriff promised his critical reporting was irrelevant and then landed in prison. Corporate crooks won’t take his calls. Murderous gangsters mad-dogged him in court. The U.S. House of Representatives debated his work. Pusillanimous cops have left hostile messages using fake names. Federal prosecutors credited his stories for the arrest of a doctor who sold fake medicine to dying patients. And a frantic state legislator literally caught sleeping with lobbyists sprinted down state capital hallways to evade his questions in Sacramento.