SEC v. Scott Newsholme (2017)

Judgment entered

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In September 2017 the SEC charged New Jersey tax preparer and adviser Scott Newsholme with stealing more than $1 million from clients through fabricated statements, doctored stock certificates and forged notes. He consented to a partial judgment in April 2018 and a final judgment was entered on March 22, 2019, with $1,567,384 in disgorgement and interest deemed satisfied by criminal restitution.

The record

What was ordered

Civil penalty

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Disgorgement

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Prejudgment interest

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Total relief

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Alleged gain

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A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars.

What is alleged to have happened

The complaint, filed September 6, 2017, alleged he cashed clients' investment checks at a check-cashing store and made Ponzi-like payments only to clients who asked for their money back. Prosecutors announced criminal charges the same day. The core allegation is theft from clients and the payments to returning clients are incidental, so the ponzi-schemes tag has been removed.

Outcome: SEC release LR-24120 says Newsholme consented on April 13, 2018 to a judgment enjoining him from further violations, with money amounts left for later, and that he pleaded guilty on April 11, 2018 to wire fraud, aggravated identity theft and aiding the filing of false tax returns. Release LR-24444 (April 5, 2019) says he was sentenced to 102 months in prison and ordered to pay $2,043,291 in restitution, that the SEC barred him from the securities industry, and that on March 22, 2019 the District of New Jersey entered a final judgment ordering disgorgement and prejudgment interest of $1,567,384, deemed satisfied by the criminal restitution order. The release does not state a separate civil penalty or a split of the $1,567,384, so no money field is stored.

Timeline

1. 2017-09-06 Litigation release published
2. 2018-04-13 Consent judgment entered with amounts to be set later; guilty plea in the criminal case on April 11, 2018
3. 2019-03-22 Final judgment entered; 102-month criminal sentence and SEC industry bar noted in the April 5, 2019 release

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

• SEC litigation release
• SEC litigation release LR-24120 (consent judgment)
• SEC litigation release LR-24444 (final judgment)

The linked release is a work of the United States government and is not subject to copyright. Our summary and narrative above are our own writing.

Same matter

The library links these 3 records because they appear to concern one matter: the same lead defendant, an overlapping technique tag and close filing dates, or a shared court docket or a release that cites the other. Records are listed by date filed.

This grouping is the library's, made by matching names, techniques, dates and citations when the site is built. It is not the regulator's or a court's determination that the records are one case, and it errs towards missing a link rather than making a false one.

Record added September 10, 2026. submit a correction.