Miamisburg man indicted for theft of more than $150K in Ponzi scheme

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Apr. 29—A former insurance agent indicted Thursday is accused of stealing tens of thousands of dollars over a four-year span as part of a Ponzi scheme.

Robert T. Nicholas, 48, of Miamisburg was issued a summons to appear for his May 12 arraignment in Montgomery County Common Pleas Court following his indictment for two counts each of aggravated theft and theft from an elderly or disabled adult, and one count each of grand theft and theft.

The thefts happened from March 4, 2015, through May 16, 2019, according to his indictment.

Nicholas was a registered insurance agent at the time and sought investment money.

"This was a Ponzi scheme, where he took money from later victims and used it to pay the earlier victims," said Greg Flannagan, Montgomery County Prosecutor's Office spokesman.

Nicholas is accused of stealing more than $150,000, Flannagan said.

Of his accusers, one is now 76 and another is 80, the prosecutor's office said.

The case was investigated by the Miami Twp. Police Department.