Sunday, October 1, 2023 | Back issues
Courthouse News Service Courthouse News Service

Investment Adviser|Sentenced to Three Years

TEXARKANA, Texas (CN) - A former JPMorgan Chase Bank investment adviser was sentenced Tuesday to 40 months in federal prison for stealing $432,000 from customer accounts.

David R. Newsome, 34, of Kountze, also was ordered to pay the bank $432,765 in restitution, according to the U.S. Attorney's Office.

Newsom had been an investment adviser at the Beaumont and Orange, Texas, branches of Chase Bank since 2007, prosecutors said.

"An investigation revealed that from January 2009 to July 2011, Newsom made unauthorized withdrawals from five different client investment accounts on twenty different occasions totaling $432,765," prosecutors said in a statement. "The investigation also showed that the client funds were used to pay Newsom's personal expenses."

Newson withdrew the money through cashier's checks payable to the bank and a credit union where he had credit card accounts. The checks ranged from $8,000 to $61,000 apiece and were used to pay off his credit card balances, prosecutors said.

Newsom must report to prison on Dec. 14.

Categories / Uncategorized

Read the Top 8

Sign up for the Top 8, a roundup of the day's top stories delivered directly to your inbox Monday through Friday.