TRACK STORMS: Click to use CBS 6 Interactive Radar

Richmonder’s Ponzi scheme trial underway

The federal courthouse in Knoxville, Tenn. (Photo by Frank Kehren)

The federal courthouse in Knoxville, Tenn. (Photo by Frank Kehren)

RICHMOND, Va. (RichmondBizSense.com) – A Richmond businessman is on trial this week in Tennessee, more than two years after being accused of running an alleged $7 million Ponzi scheme through several of his local businesses.

The trial of Nicholas D. Skaltsounis – along with his Richmond-based company AIC and several local subsidiary firms – began Sept. 23 and is being heard before a jury in federal court in Knoxville, Tenn.

The case stems from a civil suit by filed in April 2011 by the SEC. It charged Skaltsounis, AIC, Community Bankers Securities and other defendants for their roles in an alleged three-year, $7.7 million Ponzi scheme that fraudulently offered and sold promissory notes to at least 74 investors in at least 14 states.

Click to continue reading on RichmondBizSense.com.

Follow

Get every new post delivered to your Inbox.

Join 1,688 other followers