Newark, N.J. – A New York fund manager today admitted defrauding investors out of millions of dollars in a brazen investment fraud scheme, according to U.S. Attorney Philip R. Sellinger.
Joshua Goltry, 30, pleaded guilty before U.S. District Judge Katharine S. Hayden in Newark federal court to one count of securities fraud. Goltry’s scheme entailed making outlandish claims about his purported investment fund, JAG Capital, which he falsely presented as having a history of successful performance.
“Fraudsters operating what amounts to a Ponzi scheme shouldn’t be shocked when the cash dries up,” FBI – Newark Special Agent in Charge James E. Dennehy said. “Goltry admitted lying to his clients, promising huge returns that he pulled out of thin air, and then lying several more times to secure funding so he could keep the scheme going.”
According to court documents, Goltry operated JAG Capital from 2020 to September 2023, soliciting investments by making material misrepresentations. He claimed JAG Capital’s performance exceeded 200 percent at times and managed over $50 million in assets. However, he actually used investor money to repay previous investors and finance his own lavish lifestyle.
In May 2023, after depleting nearly all investor funds, Goltry sought a short-term loan using false documents, securing an additional $150,000. The Securities and Exchange Commission has also charged Goltry and JAG Advisors with violating antifraud provisions of federal securities laws, with both parties agreeing to settle the charges.
The settlement is subject to court approval and will permanently enjoin Goltry and JAG Advisors from violating the charged provisions of federal securities laws. The court will later decide on amounts for disgorgement, prejudgment interest, and civil penalties.
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Key Facts
- State: New Jersey
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes
- Source: Official Source ↗
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