SHERMAN, Texas (CBSDFW.COM) – A 74 year old Lewisville accountant was sentenced Thursday by a federal judge to 48 years in prison for operating a multi-million-dollar Ponzi scheme.
Over the course of nearly two decades, federal prosecutors said James Nix defrauded more than 40 victim investors of at least $6 million.
“You inflicted so much pain this is all I could do for the victims,” U.S. District Judge Amos L. Mazzant said as he sentenced Nix to what amounts to a life sentence.
Nix, who operated a small accounting firm out of a home in Lewisville, promised his tax clients high interest returns of up to 10% if they invested in his company.
However, federal investigators said instead of investing the money, Nix spent the money on high-end vehicles, luxurious vacations, and to rent mansions across the country.
Ken and Kathy Cousins, who lost their entire retirement savings in the scheme, said they had considered Nix to be a friend when they started investing with him more than 20 years ago.
“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.
“We are blue collars workers, but we saved and saved so we could have a really nice retirement and help our grandchildren with some college and take some trips,” Kathy Cousins said.
For 18 years, the Cousins trusted Nix with their life savings. It wasn’t until their…
