- Richest Business › Executives
- Net Worth:
- $15 Million
- TV Personality, Salesperson, Business executive
What is James Marchese's net worth?
James Marchese is an American reality television personality, entrepreneur and former pharmaceutical sales representative who has a net worth of $15 million. That is a combined net worth with his wife, Amber Marchese. Amber became famous after she joined "The Real Housewives of New Jersey" in season six. James is notable for being the only individual in US history to receive two significant (over $1 million) whistle blower rewards for being a whistleblower against two different companies and two totally different industries. He currently works as the President of a bank called Mortgage Now that handles mortgage-backed securities in New Jersey. James and Amber also own an IT startup and a shipping concierge app called Box Jeannie.
Cell Theraputics Reward
In 2007 James was rewarded with a $1.6 million judgment by the government after he exposed his former employer, Cell Theraputics, for allegedly conducting drug marketing fraud scheme. Cell Theraputics agreed to pay $10.5 million in fines and James submitted a claim to the government seeking 25% of the award. In an interesting twist in the case, the Justice Department tried to prevent him from receiving the money because he did not report the scheme until he became angry with the company because of being passed over for a promotion and then covered up his role.
In order for Marchese to be denied money, the prosecution had to be able to prove that Marchese was a planner or initiator in the scheme, which it could not. When the charges were settled against Cell Therapeutics, the company did not admit to any wrongdoing and it continues to dispute the accusations. The amount the Judge awarded to Marchese was limited to fifteen percent, hence $1.6 million.
Bank of America Settlement
James would later claim that his involvement in the case against Cell Theraputics blackballed him from the drug industry. As a result he decided to change careers.
After transitioning from the pharmaceutical sales industry to the mortgage industry, James found himself at the center of yet another alleged massive fraud. He reported Bank of America for allegedly selling shoddy mortgage investments. When it was all said and done, BofA settled the case for a then-record $16.5 million. For his whistle blowing efforts in this case, James was rewarded $8.5 million. That amount was calculated by assigning $50 million of the judgement to James' company, Mortgage Now, and then giving James a 17% whistleblower award.
James Marchese and his wife Amber Marchese have four children. Amber is the biological mother to their children Corbin and Isabella. Amber is step-mother to Michael and Sebastian, James' children from a previous relationship.
In May 2005 James and Amber paid $1.7 million for a home in Colts Neck, New Jersey. The 6,700 square foot mansion sits on 4 acres of property.