Second Circuit affirms securities fraud defendant’s 40-year sentence. James Nicholson was convicted of defrauding more than 250 people, which caused losses of more than US$100,000,000. On appeal, Nicholson contended that his counsel failed to advise him that double jeopardy barred consecutive prison sentences for mail and securities fraud based on the same conduct, and that his 40-year sentence was unreasonable. The Second Circuit affirmed the conviction, determining that some of Nicholson’s fraudulent mailings reached beyond the purchase or sale of securities, and that a sentence of less than 40 years “would send the wrong message” to others who might be tempted to engage in similar acts. (1/7/2016) Nicholson.