NEWARK – A New York man was sentenced to more than three years in prison for defrauding investors who thought they were investing in a popular fitness training program, Acting U.S. Attorney William E. Fitzpatrick said Tuesday.
Joshua Bryce Newman, 37, ran a two-year scheme soliciting loans and investments for several fitness businesses but instead used the money to repay others who had invested in his other projects, officials said. He defrauded about 30 people of $3 million, Fitzpatrick said.
Newman was also involved in a film production company and other venture capital work but ran into trouble when a film project about the New York Yankees called “Keeper of the Pinstripes” failed, Fitzpatrick said.
Authorities said Newman used false documentation to get loans making investors believe he would repay them.
Newman previously pleaded guilty to one count of wire fraud. U.S. District Judge William H. Walls sentenced him to 41 months in prison, three years of supervised released and $3 million of restitution on Tuesday.