A former investment broker from Pendleton has been sentenced to one year in federal prison after being convicted of eight counts of mail fraud, U.S. Attorney Josh J. Minkler announced Friday.
Ronald W. Nichter, 60, was found guilty of siphoning more than $160,000 from the investment accounts of 14 clients, including several who lived in Anderson, Pendleton, Greenfield and Shirley.
Among the victims was Fishers City Council member Brad DeReamer, the former mayor of Greenfield.
Nichter was a member of the Greenfield Board of Works from 2008 to 2012.
Investigators found Nichter forged his clients' signatures on documents to remove money from their accounts.
His scheme began in October 2009 and lasted for three years. He was arrested in 2013.
“The victims in this case worked hard for their money, and they expected the defendant to work equally hard to protect it,” Minkler said in a written statement. “Instead, this alleged scheme violated their trust and resulted in significant losses to their investment accounts.”
Nichter was barred from working in financial securities by the Financial Industry Regulatory Authority in April 2013.
The judge also sentenced Nichter to two years of supervised release after his prison sentence. He also was ordered to make full restitution.
Nichter worked at financial services firm Cantella & Co. from February 2006 to April 2013 after stints at A.G. Edwards and Sons in Anderson (2004-08) and Edward Jones & Co. in Pendleton (1998-2004).