The Daily Brief
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New Jersey Advisor Gambles Clients’ Money in Atlantic City

New Jersey advisor is charged with gambling away client money, RBC hires two veteran brokers, and Johnny Depp puts his farm up for auction.

Farmingdale, New Jersey–based Scott Newsholme, a tax preparer and investment advisor, bilked clients out of more than $1 million, which he spent on gambling in Atlantic City, personal expenses and to pay other clients seeking their funds, according to allegations by the Securities and Exchange Commission. While Newsholme’s clients were led to think their assets were being invested according to their financial plans, he created fake account statements and stock certificates and forged promissory notes to keep the scheme going. The U.S. Attorney’s Office for the District of New Jersey announced criminal charges against Newsholme. “In many cases, the investments that Newsholme recommended did not even exist,” the U.S. Attorney’s complaint said.

RBC Hires Seasoned Brokers in Florida, Chicago

RBC Wealth Manangemet U.S., the unit of the Canadian bank headquartered in Minnesota, recently hired two seasoned advisors. The brokerage brought Alison Gardner to the Sarasota, Florida, office, where the 33-year veteran will be a senior vice president. She came from Morgan Stanley, where she previously oversaw $125 million in client assets. It also hired Todd Mitchell, another veteran broker with more than 30 years of experience. Mitchell will join the brokerage's Chicago office, also as a senior vice president. He previously managed $220 million in client assets at UBS. Earlier this year, the brokerage said it planned to have a record year in hiring experienced advisors, and it opened its first co-branded office with City National Bank.

Johnny Depp's Farm Up for Auction

Photo by Keni Park Photography

For anyone with clients with a hankering for some horses, or just looking to help an overspending celebrity out, Johnny Depp’s Kentucky horse farm will be going up for auction on September 15. The sale of the 41-acre spread, including a 6,000-square-foot residence, is being handled by Halfhill Auction Group. The Kentucky-born Depp first bought the property in 1995 for $950,000, sold it in 2001 for $1 million, and then bought it back four years later for around $2 million. Little wonder why he’s in such financial trouble.

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