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 / OC Weekly
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. The U.S. House of Representatives debated his work. Federal prosecutors credited his stories for the arrest of a doctor who sold fake medicine to dying patients. Moxley has won Journalist of the Year honors at the Los Angeles Press Club; been named Distinguished Journalist of the Year by the LA Society of Professional Journalists; and hailed by two New York Times Magazine writers for his “herculean job” exposing Southern California law enforcement corruption.