Investment Advisory Services
Think Big Institute LLCFind BBB Accredited Businesses in Investment Advisory Services.
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- Pending Government Action:Government Action: BBB reports on known government actions involving business’ marketplace conduct:Unregistered Advisor Charged
The following describes a pending government action that has been formally brought by a government agency but has not yet been resolved. We are providing a summary of the governments allegations, which have not yet been proven.
04/22/2021 TRENTON – Attorney General Gurbir S. Grewal announced that an unregistered investment adviser has been charged with stealing $644,000 from 24 investors he recruited to invest in an unregulated commodities trading group he founded called Think Big Institute, LLC (“Think Big”).
Scott Nicholson, 53, of North Haledon, N.J., was charged yesterday by complaint-summons with second-degree theft by unlawful taking, second-degree misconduct by a corporate official, and fourth-degree falsifying or tampering with records. He was initially investigated by the New Jersey Bureau of Securities, which referred the case to the Division of Criminal Justice Financial & Cyber Crimes Bureau for criminal investigation. Simultaneously yesterday the Bureau of Securities found that Nicholson and Think Big operated a fraud against investors and issued a Cease and Desist Order against them to prevent further violations of the New Jersey Uniform Securities Law.
According to the criminal complaint filed against Nicholson, from 2008 through 2017, Nicholson recruited a group of 24 investors to invest in Think Big. Nicholson acted as an unregistered investment adviser solely responsible for investment decisions in Think Big. Eventually, Think Big incurred substantial losses, due in part to failed investments. Around that time, Nicholson allegedly began to misappropriate investor monies by withdrawing existing investment monies and new investments in Think Big for his personal benefit. From Jan. 15, 2013 through Feb. 16, 2018, Nicholson allegedly withdrew a total of $644,952 for his personal benefit. Of those monies, $373,823 allegedly was transferred by Nicholson to his personal checking account, and $271,129 allegedly was used to pay Nicholson’s personal expenses directly from the Think Big account.
The complaint further alleges that Nicholson hid substantial investment losses by Think Big by creating fraudulent investment statements showing false positive returns. The 24 investors lost $471,602, representing the amount of their principal investments less dividends they received.
The charges are merely accusations and the defendant is presumed innocent unless and until proven guilty in a court of law.
Business Details
- Local BBB:
- BBB Serving New Jersey
- BBB File Opened:
- 7/23/2021
- Business Started:
- 6/1/2005
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