NEWARK, NJ—Joshua Goltry, a 30-year-old fund manager from New York, has pleaded guilty to securities fraud, implicating himself in a multimillion-dollar investment fraud scheme. The announcement was made by U.S. Attorney Philip R. Sellinger following Goltry’s court appearance before U.S. District Judge Katharine S. Hayden in Newark federal court.
Goltry admitted to making false claims about the financial success of his investment fund, JAG Cap LLC, also known as JAG Capital. According to U.S. Attorney Sellinger, Goltry deceived investors by falsifying the fund’s performance, leading them to believe their investments were secure and profitable, while he misappropriated the funds for personal use and to pay previous investors.
FBI – Newark’s Special Agent in Charge, James E. Dennehy, described Goltry’s operations as akin to a Ponzi scheme, emphasizing the lavish lifestyle Goltry funded through his deceit. The scheme, which began in 2020, involved Goltry soliciting over $3 million from investors under pretenses of high returns and substantial fund management capabilities.
In court documents, it was revealed that Goltry used investor funds for personal expenses, including rent, vacations, and credit card bills. He also attempted to secure further funding through fraudulent means, leading to his investigation and arrest.
Additionally, the Securities and Exchange Commission has charged Goltry and JAG Advisors with violations of federal securities laws. A settlement has been proposed, subject to court approval, which would include permanent injunctions and financial penalties.
Goltry faces a maximum sentence of 20 years in prison and significant financial penalties. His sentencing is scheduled for October 19, 2024.