MVP Financial

According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) advisor Scott Newsholme (Newsholme), in September 2017, was accused by the Securities and Exchange Commission (SEC) of stealing more than $1 million from his clients. Newsholme’s problems began back in July 2014 when he was terminated by his then employer SII Investments, Inc. (SII). SII stated that Newsholme was terminated due to allegations that Newsholme stole her IRA assets and engaged in private securities transactions.

In addition to being an investment advisor, Newsholme is a tax preparer, accountant, and the proprietor of MVP Financial LLC in Howell, New Jersey. Between 2002 and 2010 Newsholme was president of two predecessor tax, accounting, and financial planning firms in Matawan, New Jersey – Newley Financial Group, Inc. and Newsholme Financial Center LLC.

In September 2014, FINRA brought an action against Newsholme and ultimately barred him from the industry when Newsholme failed to respond to information requests concerning the issues raised in his SII termination. In June 2015, the State of New Jersey revoked Newsholme’s securities license and imposed an $85,000 fine stating that Newsholme egage in unethical business practices.

The investment lawyers of Gana Weinstein LLP are investigating the regulatory action brought by the Financial Industry Regulatory Authority (FINRA) against John P. Correnti (Correnti), working out of Cleveland, Ohio. Correnti allegedly failed to provide FINRA staff with information and documents related to an investigation into claims that Correnti engaged in undisclosed outside business activities. The failure to provide those documents and information to FINRA resulted in an automatic bar from the industry.

Correnti began his securities career in 2007. From 2007 until 2015, Correnti was associated with MVP Financial. He moved to Forest Securities in 2015 and was with them for less than a year. Finally, he moved to AXA Advisors where he was terminated in less than a year.

According to BrokerCheck records, Correnti was terminated by AXA Advisors in July 2016 “due to his apparent involvement in the possible market manipulation of a low price security.”

Articles Tagged with MVP Financial

Advisor Scott Newsholme Accused of Stealing More than $1 Million From Clients

FINRA Bars Former AXA Representative John P. Correnti