DENTON (CBSDFW.COM) – Dozens of North Texas families found their retirement accounts empty after falling victim to a multi-million-dollar Ponzi scheme.
CBS 11 News
Over the course of nearly two decades, federal prosecutors said James Nix and his son, Bradley, defrauded more than 40 victim investors of at least $6 million.
The two men, who operated a small accounting firm out of a home in Lewisville, Texas, told promised their tax clients high interest returns of up to 10% if they invested in their company.
However, federal investigators said James and Bradley Nix, instead, used the money to pay for luxury homes, vehicles, and vacations.
In April, James Nix, 73, was found guilty of federal fraud and money laundering. He faces up to 20 years in prison and is set to be sentenced this summer.
Bradley Nix, who testified against his father, pleaded guilty to federal fraud and was sentenced in May to 54 months in prison.
Many of the victims testified in federal court that before they knew the truth, they considered James Nix to be a friend.
“We had no reason not to trust him,” said Kathy Cousins, who, along with her husband, had known James Nix and used him as their personal accountant for more than a decade before they started investing with him.
CBS 11 News
…
