Stock Market Scam Cost Victims $600K: Police

CANTON, GA -- A Canton man has been charged in connection with allegations he took money from residents under the false pretense that he would invest that cash into the stock market. The Cherokee Sheriff's Office has arrested and charged Gregory Tim Nichols, 51, with racketeering, forgery in the first degree and three counts of theft by deception, said spokesperson Sgt. Marianne Kelley.

The investigation into the allegations against the Canton resident began in September when several people came forward stating they gave money to Nichols to invest, "but had since been denied access to their money," Sgt. Kelley added.

"The victims understood that Nichols would be investing their money in the stock market," she told Patch, adding anyone who may have given Nichols money is asked to come forward and report this detail to investigators.

At this time, the collective loss felt by the victims exceeds $600,000, the sheriff's office said.

Nichols is being held at the Cherokee County Adult Detention Center on a $250,000 bond. The sheriff's office was assisted in its investigation by the Holly Springs Police Department and the U.S. Secret Service.

Anyone who is possibly a victim of Nichols' alleged scheme is asked to contact the Cherokee Sheriff's Office Criminal Investigation Division at 770-928-0239.

Photo: Gregory Tim Nichols. Credit: Cherokee Sheriff's Office