Dozens of North Texas families found their retirement accounts empty after falling victim to a multi-million-dollar Ponzi scheme.
Over the course of nearly two decades, federal prosecutors said James Nix and his son, Bradley, defrauded more than 40 victim investors of at least $6 million.
In April, James Nix, 73, was found guilty of federal fraud and money laundering. He faces up to 20 years in prison and is set to be sentenced this summer. "We had no reason not to trust him," said Kathy Cousins, who, along with her husband, had known James Nix and used him as their personal accountant for more than a decade before they started investing with him."We are blue collars workers, but we saved and saved so we could have a really nice retirement and help our grandchildren with some college and take some trips," Cousins said.
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