SEC Charges JAG Capital Advisors and its Founder Joshua Goltry with Defrauding Investors
summary
Joshua Goltry and JAG Capital Advisors LLC settled SEC charges for a $3 million fraud scheme involving misrepresented fund performance and misappropriated investor funds.
paragraph
Joshua Goltry and JAG Capital Advisors LLC were charged with violating federal antifraud provisions for a scheme that defrauded nine investors of at least $3 million. The defendants misappropriated $1.1 million for personal luxuries and lost $1.7 million through speculative trading between 2020 and 2023. The settlement includes a permanent injunction, while criminal charges were also filed against Goltry by the U.S. Attorney’s Office.
narrative
From 2020 to 2023, Joshua Goltry and his firm, JAG Capital Advisors LLC, orchestrated a scheme to defraud approximately nine investors of at least $3 million. Goltry misrepresented the performance, risks, and activities of his equity fund, JAG Cap, LLC, to lure in capital. Of the funds raised, $1.1 million was used for personal expenses like jewelry and travel, while $1.7 million was lost in high-risk speculative trading. To hide these losses, the defendants allegedly falsified documents and expense invoices. The SEC has reached a settlement with Goltry and his firm that includes a permanent injunction against future violations. Additionally, the U.S. Attorney’s Office for the District of New Jersey has initiated parallel criminal charges against Goltry.
Classified financial-fraud(confidence 95%). EDGAR detection: forms 10-K/10-Q/8-K/NT 10-K· recall 67% / precision 23%. detection rule →
Statutes
15 U.S.C. § 78j(b)17 C.F.R. § 240.10b-5
Parties
documents including expense invoicesjoshua goltryjoshua goltry and jag advisorsjoshua goltry and jag capital advisors llcjudson t. mihoksec investigationSecurities and Exchange Commission
Keywords
jagadvisorsgoltryinvestorsseccapital advisorsjoshua goltryleast millioninvestmentmillionfundadvisors founderfounder joshuagoltry defraudingdefrauding investors
Extracted insights
Dollar amounts 3
- $3.00M $3 million $1M–$10M
- $1.70M $1.7 million $1M–$10M
- $1.10M $1.1 million $1M–$10M
Entities 7
- person documents including expense invoices
- person joshua goltry
- company joshua goltry and jag advisors
- company joshua goltry and jag capital advisors llc
- person judson t. mihok
- agency sec investigation
- agency Securities and Exchange Commission
Triples 8
- Securities And Exchange Commission Charged Joshua Goltry And JAG Capital Advisors LLC
- Joshua Goltry Raised At Least $3 Million From Approximately Nine Investors
- Joshua Goltry And JAG Advisors Used At Least $1.1 Million On Personal Expenses
- Joshua Goltry And JAG Advisors Lost More Than $1.7 Million Through High-Risk Trading And Speculative Investments
- Joshua Goltry And JAG Advisors Falsified Documents Including Expense Invoices
- U.S. Attorney’s Office For The District Of New Jersey Announced Criminal Charges Against Joshua Goltry
- SEC Investigation Conducted By Suzanne C. Abt And Michael Cuff
- Litigation Led By Judson T. Mihok
Extracted body text (2,298c)
The Securities and Exchange Commission today charged Joshua Goltry and his investment management firm, JAG Capital Advisors LLC (JAG Advisors), in connection with a three-year scheme to defraud investors of at least $3 million. According to the SEC’s complaint, from 2020 to 2023, Goltry, the founder and Chief Investment Officer of a purported equity fund called JAG Cap, LLC, and JAG Advisors, the purported equity fund’s investment manager, raised at least $3 million from approximately nine investors by lying about nearly every aspect of the fund, including its performance, investment activity, and investment risks. Goltry is the principal of JAG Advisors. As alleged, of the funds raised, Goltry and JAG Advisors used at least $1.1 million on personal expenses, including travel and jewelry, and lost more than $1.7 million through high-risk trading and speculative investments. The complaint further alleges that Goltry and JAG Advisors falsified documents, including expense invoices, to conceal the trading losses from investors. “As alleged in the complaint, Goltry and JAG Advisors repeatedly lied to investors to lure them into investing in the JAG Fund and then lost their money or stole it to pay for lavish personal expenses,” said Nicholas P. Grippo, Regional Director of the SEC’s Philadelphia Regional Office. “We will continue to diligently hold accountable those who exploit investors’ trust for personal gain.” The SEC’s complaint charges Goltry and JAG Advisors with violating antifraud provisions of the federal securities laws. Goltry and JAG Advisors agreed to settle the charges against them. The settlement, which is subject to court approval, would permanently enjoin Goltry and JAG Advisors from violating the charged provisions of the federal securities laws and allows the court to decide the amounts of disgorgement, prejudgment interest, and civil penalties at a later date. In a parallel action, the U.S. Attorney’s Office for the District of New Jersey announced criminal charges against Goltry. The SEC’s investigation was conducted by Suzanne C. Abt and Michael Cuff and supervised by Julia C. Green, Scott A. Thompson, and Mr. Grippo, all of the Philadelphia Regional Office. The litigation will be led by Judson T. Mihok and supervised by Gregory R. Bockin.
OCR text (2,298c · html-text · 99% conf)
The Securities and Exchange Commission today charged Joshua Goltry and his investment management firm, JAG Capital Advisors LLC (JAG Advisors), in connection with a three-year scheme to defraud investors of at least $3 million. According to the SEC’s complaint, from 2020 to 2023, Goltry, the founder and Chief Investment Officer of a purported equity fund called JAG Cap, LLC, and JAG Advisors, the purported equity fund’s investment manager, raised at least $3 million from approximately nine investors by lying about nearly every aspect of the fund, including its performance, investment activity, and investment risks. Goltry is the principal of JAG Advisors. As alleged, of the funds raised, Goltry and JAG Advisors used at least $1.1 million on personal expenses, including travel and jewelry, and lost more than $1.7 million through high-risk trading and speculative investments. The complaint further alleges that Goltry and JAG Advisors falsified documents, including expense invoices, to conceal the trading losses from investors. “As alleged in the complaint, Goltry and JAG Advisors repeatedly lied to investors to lure them into investing in the JAG Fund and then lost their money or stole it to pay for lavish personal expenses,” said Nicholas P. Grippo, Regional Director of the SEC’s Philadelphia Regional Office. “We will continue to diligently hold accountable those who exploit investors’ trust for personal gain.” The SEC’s complaint charges Goltry and JAG Advisors with violating antifraud provisions of the federal securities laws. Goltry and JAG Advisors agreed to settle the charges against them. The settlement, which is subject to court approval, would permanently enjoin Goltry and JAG Advisors from violating the charged provisions of the federal securities laws and allows the court to decide the amounts of disgorgement, prejudgment interest, and civil penalties at a later date. In a parallel action, the U.S. Attorney’s Office for the District of New Jersey announced criminal charges against Goltry. The SEC’s investigation was conducted by Suzanne C. Abt and Michael Cuff and supervised by Julia C. Green, Scott A. Thompson, and Mr. Grippo, all of the Philadelphia Regional Office. The litigation will be led by Judson T. Mihok and supervised by Gregory R. Bockin.