Penns Grove Man Posting as Investment Advisor Scammed $3,000 from Clients

PENNSGROVE, NJ – United States Attorney William M. McSwain announced that Alexander S. Rowland, 29, of Penns Grove, NJ, was charged by Indictment with seven counts of mail fraud, 30 counts of wire fraud, one count of bank fraud, one count of securities fraud, one count of investment adviser fraud, and two counts of money laundering related to a scam in which he purported to be an investment adviser and either stole or lost victims’ money, resulting in total losses of more than $2 million. The Indictment alleges that Rowland, a former warehouse operator, started an investment company in July