The attorney general has filed a complaint against several defendants, including Newhart, for violating Pennsylvania's Unfair Trade Practices and Consumer Protection Law, and the Consumer Financial Protection Act. The complaint details how Newhart allegedly orchestrated a scheme involving the transfer of undervalued stock as kickbacks to real estate professionals in exchange for client referrals to his owned mortgage brokerages. Newhart's control over various companies, including Conquest Holdings and others, is cited as a means to facilitate these practices while concealing their unlawful nature under a facade of legitimate business transactions.
The attorney general alleges the defendants breached several laws by engaging in unfair trade practices, including providing underpriced stock as kickbacks to real estate professionals.
The complaint reveals a complex ownership structure designed by Newhart to control multiple mortgage entities while allegedly disguising illegal transactions as legitimate business practices.
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