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Writer's pictureStephen Wick

Joshua Goltry & JAG Capital Advisors LLC (JAG Advisors) Charged For Defrauding Investors: Guilty Plea Carries a Maximum Potential Sentence of 20yrs Imprisonment & a Fine

Updated: Jul 22


During this period, Goltry made false statements and deliberately omitted crucial information to entice potential investors. As an example, in late 2020, he circulated marketing materials to prospective investors, falsely boasting about JAG Capital's track record.


As per the SEC's complaint, Goltry, who is the founder and Chief Investment Officer of JAG Cap, LLC, a supposed equity fund, along with JAG Advisors, the investment manager of the fund, managed to raise at least $3 million from around nine investors. They achieved this by deceiving investors with false information about the fund's performance, investment activity, and risks involved.


Goltry, the head of JAG Advisors, is accused of misusing funds by spending over $1.1 million on personal luxuries like travel and jewelry. Additionally, they reportedly lost more than $1.7 million through risky trading and speculative investments. The complaint also claims that Goltry and JAG Advisors went as far as falsifying documents, such as expense invoices, to hide these 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.”


Goltry and JAG Advisors have been accused by the SEC of violating antifraud provisions in the federal securities laws. However, they have agreed to settle the charges brought against them. This settlement is currently awaiting court approval and if approved, it would prevent Goltry and JAG Advisors from further violating the charged provisions in the federal securities laws. The court will also determine the disgorgement amounts, prejudgment interest, and civil penalties at a later date.



In a separate but related development, the U.S. Attorney's Office for the District of New Jersey has announced criminal charges against Goltry. According to official documents and statements made in court, it has been revealed that Goltry was the mastermind behind JAG Cap LLC, also known as JAG Capital. This investment fund claimed to have a remarkable history of success. However, from 2020 until September 2023, Goltry engaged in deceptive practices to lure investors.


During this period, Goltry made false statements and deliberately omitted crucial information to entice potential investors. As an example, in late 2020, he circulated marketing materials to prospective investors, falsely boasting about JAG Capital's track record.


These materials claimed that the fund had consistently achieved positive returns in almost every quarter from 2018 to mid-2020, with three quarters even surpassing a remarkable 50 percent return. Additionally, Goltry boasted that JAG Capital consistently outperformed three prominent stock indices.


Tragically, in April 2021, two individuals fell victim to Goltry's deceitful tactics and invested a total of $700,000 in JAG Capital, relying on these misrepresentations and others. This case serves as a stark reminder of the importance of due diligence and thorough research before making any investment decisions.


“Joshua Goltry admitted making outlandish claims in falsifying the achievements of his purported investment fund. In doing so, he duped investors out of millions of dollars, money they thought they were investing carefully, but which, in reality, this defendant was using to repay other investors or spending on his own bills. The investing public needs to be protected from unscrupulous frauds like this, and our office will work with our law enforcement partners to make sure that happens,” said the U.S. Attorney Philip R. Sellinger


On one occasion, he boasted that their performance soared above 200 percent, while on another; he exaggerated it to a mind-boggling 1,000 percent.


As if that wasn't enough, Goltry played with numbers when it came to managing funds. Sometimes, he confidently stated that JAG Capital handled over $20 million, but at other times, he inflated the figure to a staggering $50 million. With his cunning scheme, Goltry cunningly managed to swindle more than $3 million from unsuspecting investors.


Goltry, a cunning individual, made bold claims to investors, assuring them their money would be wisely invested in secure securities. He boasted about his meticulous due diligence process and promised lucrative returns through tech opportunities. However, he shamelessly misused the funds, diverting them to repay previous investors and funding his lavish lifestyle. In May 2023, he took his deception to another level by submitting false documents to secure a loan from an investment company. Unaware of his deceit, the company transferred $150,000 to JAG Capital, unknowingly aiding Goltry in his fraudulent activities.


“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. “They’re usually spending exorbitant amounts of other people’s money on lavish lifestyles, with no thought to what happens next. Goltry admits 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. It should also come as no surprise that his criminal behavior led to the FBI investigating him and holding him accountable.”






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