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Press Release

Austin-Area Man Sentenced to 48 Years in Federal Prison for Fraud and Money Laundering Violations in the Eastern District of Texas

For Immediate Release
U.S. Attorney's Office, Eastern District of Texas

SHERMAN, Texas – A Leander man has been sentenced to 48 years in federal prison for fraud and money laundering violations in the Eastern District of Texas, announced U.S. Attorney Brit Featherston today.

James Clark Nix, 73, was found guilty by a jury on April 21, 2022, of conspiracy to commit wire fraud, wire fraud, money laundering, and aiding and abetting.  Nix was sentenced to 576 months in federal prison by U.S. District Judge Amos L. Mazzant on Sep. 22, 2022.

According to information presented at trial, James Nix and his son, Bradley Nix, used their businesses, AMIG and NECO, to defraud victim investors of at least $6 million, under the false promise of small business investments and high interest returns of up to 10 percent. Once in possession of the fraudulent funds, James Nix used the money for various expenses such as luxury homes, hotels, and vehicles. During the investigation, investigators lawfully seized a Maserati and Land Rover that were tied to James Nix’s fraudulent conduct. The jury convicted James Nix on all counts - conspiracy, wire fraud, and money laundering. 

“James Nix conned hard working people out of their life savings in order to fund his luxurious lifestyle,” said U.S. Attorney Brit Featherston.  “Nix left a trail of heartache and destruction through each of his victims, and this sentence ensures that he will never victimize another person again.”

“Mr. Nix’s conduct was uniquely sinister and deceptive.  He obtained the trust of his clients, many of whom were his friends, over the course of decades.  He manipulated this trust to obtain their life’s savings and 401ks, while promising them good investments that would provide them with a comfortable retirement.  In reality, Mr. Nix was using this money to operate a Ponzi scheme and fund a life of luxury.  Ultimately, Mr. Nix's lies and greed destroyed his clients’ financial futures and deprived them of their hard earned retirement,” said FBI Dallas Special Agent in Charge Matthew DeSarno.  “Investment fraud is a pervasive threat that affects all ages and demographics.  We encourage the public to conduct due diligence before investing with an individual or business and review FBI online resources on business and investment fraud scams at fbi.gov.”

“Mr. Nix exploited his position as a personal accountant to gain the trust of investors, steal their hard-earned money, and unjustly enrich himself. His elaborate Ponzi scheme was like a ‘house of cards’ - the underlying structure fell apart and left investors in financial ruin,” said IRS Criminal Investigation Special Agent in Charge Christopher J. Altemus, Jr. of the Dallas Field Office. “This sentence reflects the egregiousness of Nix’s crimes and now Nix will spend the rest of his life in prison.”

This case was investigated by the Federal Bureau of Investigation and the Internal Revenue Service-Criminal Investigation and prosecuted by Assistant U.S. Attorneys from the Eastern District of Texas.

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Updated September 26, 2022

Topics
Financial Fraud