James M Nicholson was the owner of Westgate Capital Management, which was an unregistered hedge fund. Nicholson has been accused by prosecutors and the Securities and Exchange Commission with misrepresenting the value of 11 hedge funds he ran, as well as using sales materials to boast of investment successes that, according to authorities, are entirely fictitious. His company swindled an estimated $900 from their clients since 2004. James owns a luxury penthouse in Palm Beach and a $27 million hamptons estate. His primary residence, the one picture here, is located on Oak Road in prestigious Saddle River, NJ. The home was seized by the government and put on the market for $7,500,000. The immaculate 21-room brick mansion contains 6 bedroom, 9 full and 2 half bathrooms, a two story foyer with floating staircase, a sunken great room with fireplace, a 2-story library with fireplace that leads to the master suite, a gourmet kitchen, a breakfast room with turret, a family room with fireplace, a formal living room with fireplace, a dining room with fireplace, 3 floor elevator, a huge master closet, a home theater, a wine cellar, a custom bar, a game room, a playroom, a gym, a billiards room, a swimming pool, and a 4-car garage.