George Bussanich Sr. and George Bussanich Jr. to Pay $5.5 Million in Fraud Settlement
George Bussanich Sr. and George Bussanich Jr., investment professionals in Upper Saddle River, NJ, were accused defrauding more than 30 of their clients out of millions of dollars in an alleged investment fraud scheme and are to pay $5.5 million in restitution and civil penalties, according to the New Jersey Bureau of Securities.
The Peiffer Wolf law firm’s securities practice attorneys Jason Kane and Joe Peiffer are investigating the matter on behalf of investors.
Bussanich Sr. and Bussanich Jr. Defrauded Investors
Between May of 2009 and July of 2013, Bussanich Sr. and Bussanich Jr. misled investors in relation to the sale of unregistered investment notes in a holding company – Metropolitan Ambulatory Surgical Center – which was controlled by Bussanich Sr., as per the complaint filed in State Superior Court in Newark. Father and son managed to gather more than $4.2 million by fraudulently selling notes and investment contracts through the Metropolitan Ambulatory Surgical Center. They made false statements to investors and left out facts in order to enrich themselves, according to the Bureau of Securities chief.
Bussanich Sr. and Bussanich Jr. then used those investment funds to buy sports cars and expensive homes as well as for shopping, dining, entertainment expenses, and airline travel, according to the Attorney General. They continued to utilize the funds to finance their extravagant lifestyle and enrich their relatives, as per the Bureau of Securities chief.
Bussanich Sr. and Bussanich Jr. Agree to Pay Settlement
As a result of the New Jersey Bureau of Securities enforcement actions, Bussanich Sr. and Bussanich Jr. must offer full restitution to the defrauded investors and are also banned from selling securities in New Jersey ever again. They have agreed to pay a $5.5 million settlement of which $4 million is restitution to the affected investors and $1 million is civil penalties.
Investor Right Attorneys Investigating Bussanich Sr.’s and Jr.’s Misconduct
The Peiffer Wolf attorneys often represent investors who lose money as a result of Ponzi schemes, investment fraud, or stockbroker misconduct. They are currently investigating the possibility of assisting investors with the recovery of any losses they may have suffered in connection with George Bussanich Sr. and George Bussanich Jr. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of investment fraud or misconduct may contact the securities lawyers at Peiffer Wolf, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 8585-310-5140.
Broker: George Bussanich Jr.
Status: INVESTIGATED by Peiffer Wolf.
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