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NJ Man Sentenced For Stealing $10.4-Million

A New Jersey man who embezzled more than $10.4 million from the investment management firm where he served as chief financial officer is headed to federal prison.

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Thirty-nine-year-old David Newmark of Montville received a 54-month term when he was sentenced Wednesday. He also was ordered to serve three years of supervised release once he’s freed must pay full restitution.

Newmark pleaded guilty in January to wire fraud and tax evasion charges for stealing money from Short Hills-based Columbus Hill Capital Management.

Prosecutors say Newmark created a phony account to collect fraudulent deposits between February 2008 and March 2011 and diverted the funds to bank accounts he controlled. His lawyer has said Newmark has a “significant” gambling problem.

(Copyright 2012 by The Associated Press.  All Rights Reserved.)

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