ESM Chief Gets 30-Year Term
Associated Press
FORT LAUDERDALE, Fla. —
A federal judge today sentenced the former president of the collapsed firm ESM Government Securities to 30 years in prison for his role in bilking $315 million from investors nationwide.
A contrite Nicholas B. Wallace, 45, told reporters: “I’m terribly sorry for the pain and suffering and losses that were caused by ESM. I wish I could undo the damage done.” ESM’s collapse sparked a run on Ohio savings and loans and caused millions in losses to school boards and cities around the nation that had invested with the firm.
