SEASIDE RESIDENT DAVID NILSEN PLEADED GUILTY TO A FEDERAL CHARGE OF CONSPIRACY TO COMMIT MAIL AND WIRE FRAUD ON MONDAY. 61 YEAR-OLD NILSEN WAS A MORTGAGE LENDER FOR CEDAR FUNDING, A COMPANY WHOSE LOSSES COST INVESTORS MORE THAN 100 MILLION DOLLARS. WITH THE PLEA, NILSEN AVOIDS A TRIAL OF 31 CRIMINAL CHARGES STEMMING FROM THE MELTDOWN OF HIS COMPANY IN 2008. UNDER THE DEAL, NILSEN FACES UP TO 8 YEARS IN PRISON, ALONG WITH 3 YEARS OF PROBATION. HE ALSO COMMITS TO PAY NEARLY 70 MILLION DOLLARS IN RESTITUTION. NILSEN IS SCHEDULED TO BE FORMALLY SENTENCED FEBRUARY 27TH.
