Richmonder’s Ponzi scheme trial underway
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.
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