Towaco CFO David Newmark embezzled more than $10M to support gambling problem, attorney says
By S.P. Sullivan, NJ.com The Star-Ledger
MONTVILLE — A prominent financial executive who lives in Towaco plead guilty Wednesday to embezzling millions of dollars from his company, Columbus Hill Capital Management, LP.
“David Newmark admitted stealing from his own management company, creating a phony account to collect more than $10 million in fraudulent deposits,” U.S. Attorney Paul Fishman said in a statement.
Newmark's attorney told The Star-Ledger that the 39-year-old CFO has had a gambling addiction since adolescence.
"David has had a significant sports betting problem, and that goes back to his days in high school," defense attorney Michael Himmel told The Star-Ledger. "And as one gets older, and one starts to earn more money and can’t cure oneself of the gambling problem, logically what happens is they end up gambling more — and heavier."
According to the U.S. attorney's office, the charges against Newmark, which include wire fraud and tax evasion, could result in more than 20 years in prison. Newmark is also ordered to pay full restitution to his victims and forfeit $10,442,379.90 to the U.S. government.
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