Scott Newsholme— $1.8 Million Investment Scam
New Jersey’s Scott Newsholme, 42, Allegedly Orchestrated a $1.8 Million Investment Scam; Newsholme Arrested by FBI and IRS Special Agents and Charged with Mail Fraud, Wire Fraud, and Securities Fraud
Scott Newsholme, an investment advisor from Farmingdale, New Jersey allegedly defrauded his investment clients out of more than $1.8 million by allegedly selling them purportedly bogus securities, annuities and life insurance, and other investment vehicles, according to reports from federal authorities currently under review by attorneys Jason Kane and James Booker.
Investors who believe they may have lost money in activity related to Scott Newsholme’s alleged investment scam are encouraged to contact attorneys Jason Kane or James Booker with any useful information or for a free, no obligation discussion about their options.
The Peiffer Wolf Carr & Kane securities lawyers are currently investigating Scott Newsholme’s alleged investment scam.
Newsholme was reportedly arrested by FBI and IRS special agents and has been charged with one count each of mail fraud, wire fraud, and securities fraud, according to an announcement from acting U.S. Attorney William E. Fitzpatrick.
Newsholme, since 2002, has owned and operated up to three different financial advisory and tax return preparation businesses, and then between 2007 and 2016, he allegedly made recommendations to several they invest their money with him, said reports note.
Newsholme Allegedly Recommended Clients to Invest in a Private New Jersey Country Club, a Bond Investment, a Video-game Production Company, and a Film Project
Newsholme allegedly recommended to clients on their behalf to buy various securities, including bond instruments issued by a private New Jersey country club, a bond investment in a video-game production company, and investments in the production of a movie, according to the aforementioned reports from federal authorities presently being reviewed by attorneys Jason Kane and James Booker.
Newsholme also allegedly represented to clients that he would put their money in other traditional investment tools such as mutual funds, annuities, life insurance policies, college education accounts, and money market funds, said reports note.
Said reports also allegedly directed his investment clients to send money to him or one of his companies in order that he could execute the investments on their behalf, the reports state.
Newsholme, however, as opposed to investing the cash as promised, allegedly used the funds for personal expenses, including multiple vehicles, bedroom furniture, debits at casinos, bank transfers to Newsholme’s personal bank accounts, and ATM withdrawals, the reports state.
Amazingly, in many cases, the investments that Newsholme recommended allegedly did not even exist, the reports note.
Securities Lawyers Investigating
The Peiffer Wolf Carr & Kane securities lawyers often represent investors who lose money as a result of investment-related fraud or misconduct and are currently investigating Scott Newsholme’s alleged investment scam and are in touch with investors. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of Scott Newsholme’s alleged investment scam may contact the securities lawyers at Peiffer Wolf Carr & Kane, Jason Kane or James Booker, for a free no-obligation evaluation of their recovery options, at (585) 310-5140 or via e-mail at firstname.lastname@example.org or email@example.com.