Stoltmann Law Offices is investigating Ronald W. Nichter, a former investment advisor from Pendleton, Indiana, who was sentenced to one year in federal prison for his role in a scheme that defrauded investors out of $160,000. He was convicted on eight counts of mail fraud. Nichter allegedly withdrew client funds from their accounts for his personal use. Beginning in October 2009, Nichter allegedly created false documents with forged client signatures requesting that the funds be withdrawn from their investment accounts. The checks were then sent to Nichter and he deposited them into his own bank account.
According to his online Financial Industry Regulatory Authority (FINRA) BrokerCheck report, he was registered with Edward Jones in St. Louis, Missouri from December 1998 until November 2004, A.G. Edwards & Sons in St. Louis from November 2004 until February 2006 and Cantella & Co. in Pendleton, Indiana from February 2006 until April 2013. He is not currently registered with any member firm and he has two customer disputes against him. He is not licensed within the industry and FINRA has permanently barred him from acting as a broker or otherwise associating with firms that sell securities to the public.