Four Rockland investors file RICO lawsuit against accused hedge fund swindler

The financial restitution sought by Paul Triana of Stony Point, Rosemary Doyle of Stony Point, Richard Kohlhausen of Clarkstown and Richard Connolly of Rockland is a small amount compared with the more than $100 million that federal prosecutors claim Nicholson stole from more than 370 investors since 2004.

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The lawsuit accuses Nicholson and others of concocting a criminal scheme to steal the investments of the four plaintiffs through 11 hedge funds run by Westgate Capital Management LLC.

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The lawsuit repeats allegations that Nicholson established a phony Manhattan auditing firm to issue reports on the status of their investments.

The lawsuit also claims Nicholson failed to disclose he had once been fired from an investment company in 1999 and was banned as a stock broker and mutual funds dealer by the National Association of Securities Dealers.