Feds seize accused scammer’s Hamptons home

The federal government has seized the Southampton beach house of alleged scam artist James Nicholson. Nicholson was recently indicted for an alleged $150 million Ponzi scheme. He closed on the Hamptons home for $27 million in January. The oceanfront, 10,000-square-foot mansion has nine bedrooms, seven and a half baths, a solarium, tennis court, pool and several fireplaces. The accused scammer also owns an $8.5 million condo in the Time Warner Center, a $5.75 million house in Saddle River, N.J.,  a $4.75 million penthouse in Palm Beach and a $377,500 condo in Montvale, N.J. All of his properties are now worth less than $40 million combined, but the court receiver said with mortgages, back taxes, late fees and broker fees factored in, the homes would only net $13.8 million.