Ponzi schemer ordered to repay investors
DOVER — After Nickolas Skaltsis refused to respond from prison Thursday, Superior Court Judge Brian Tucker reinstated the order which required the former school official to pay restitution as part of a civil case involving a Ponzi scheme.
Tucker said Skaltsis, who is confined in state prison, did not request transport to the court or file any response to the motion for contempt in the matter of Premier Capital LLC vs. Skaltsis and his wife, Lorraine.
The decision, which was made within minutes, required Skaltsis, 62, formerly of 6 Erik Drive, to pay a monthly amount of $1,500.
Attorney Randall Pratt said the effort could be a “waste of time” as Skaltsis, who served as School Board Chair in 2002, must already pay back some of the $327,500 in loans he falsely accepted from 13 area residents to rehabilitate distressed real estate properties for resale.
Despite the promises he made, Skaltsis never used the funds to purchase, renovate or sell any properties. After waiving the indictment process, Skaltsis pleaded guilty to three counts of theft by deception and one count of theft by misappropriation of property for defrauding a dozen friends and neighbors. On July 3, he was sentenced to serve 1½ to 5 years in state prison and pay $278,000 in restitution.