SEC Charges Investment Firm with Defrauding Investors of $3 Million

Posted on July 8th, 2024 at 1:18 PM
SEC Charges Investment Firm with Defrauding Investors of $3 Million

From the desk of Jim Eccleston at Eccleston Law

The U.S. Securities and Exchange Commission (SEC) has charged Joshua Goltry and his firm, JAG Capital Advisors LLC, with defrauding investors of at least $3 million over three years. DiWire reports that Goltry, the founder and chief investment officer of JAG Cap LLC, and JAG Advisors, allegedly fabricated nearly every detail about the fund’s performance, investment activity, and risks from 2020 to 2023.

The SEC’s complaint states that Goltry and JAG Advisors deceived approximately nine investors, misrepresenting the fund’s performance and concealing substantial trading losses. Instead of investing the money as promised, Goltry and his firm reportedly used at least $1.1 million for personal expenses, such as travel and jewelry, and lost over $1.7 million through high-risk trading and speculative investments. To cover those losses, they allegedly falsified expense invoices and other documents.

The SEC’s complaint charges Goltry and JAG Advisors with violating antifraud provisions of federal securities laws. Both parties have agreed to settle the charges, pending court approval. The settlement includes a permanent injunction against further violations and leaves the determination of disgorgement, prejudgment interest, and civil penalties to the court. Additionally, the U.S. Attorney’s Office for the District of New Jersey has announced criminal charges against Goltry.

 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

Tags: eccleston, eccleston law, sec

Return to Archive

TESTIMONIALS

Previous
Next

I want to thank you for your excellent professional representation. It was greatly appreciated.

Michael M.

LATEST NEWS AND ARTICLES

November 8, 2024
Former Advisor Faces Lawsuit Over Alleged Mishandling of Premium-Financed Life Insurance Plan

Joshua L. Gottlieb, barred by FINRA in 2017, faces a lawsuit alleging significant financial harm to a client following the sale of a premium-financed indexed universal life (IUL) insurance program. 

November 7, 2024
Fidelity Data Breach Exposes Sensitive Information of Over 77,000 Customers

According to InvestmentNews, Fidelity Investments recently disclosed a data breach affecting tens of thousands of customers, exposing sensitive personal data such as Social Security numbers and driver’s license information.

November 6, 2024
SEC Bars Advisor for $24 Million Ponzi Scheme Targeting Elderly Investors

The Securities and Exchange Commission (SEC) has barred Paul Horton Smith, a California-based advisor, for orchestrating a $24 million Ponzi scheme that defrauded elderly and retired investors.