John Nielsen, 44, of Las Vegas was ordered Wednesday to serve a 15-month federal prison term by U.S. District Court Judge Richard J. Arcara on Nielsen’s Dec. 18 guilty plea to bilking an investment firm that did business in Western New York out of $175,000.
Nielsen pleaded guilty to carrying out a false standby letter of credit scheme allegedly linked to multi-million-dollar loans he alleged were available from banks outside of the United States.
Assistant U.S. Attorneys Russell T. Ippolito Jr. and Elizabeth R. Moellering said Nielsen falsely told representatives of the investment firm he could obtain such a letter of credit for them. several years ago. Nicholas Mussolini, 30, a Buffalo associate of Nielsen, faces sentencing by Judge Arcara on his wire fraud guilty plea in a related loan scam , on June 23, according to Barbara Burns, media spokesperson for the U.S. Attorney’s Office.