September 6, 2017

The Securities and Exchange Commission today charged Scott Newsholme with stealing more than $1 million from clients to support his gambling habit and other personal expenditures.  The SEC alleges that Newsholme of Farmingdale, New Jersey, fabricated account statements, doctored stock certificates, and forged promissory notes as part of a scheme in which he convinced clients seeking his financial planning advice to give him their money to invest in various securities.  Instead of investing clients’ money, Newsholme allegedly cashed their investment checks at a check-cashing store and pocketed the funds while assuring clients that their assets were safe and flourishing. SEC

Tagged in: Misrepresentations, Securities Fraud,