George Bussanich Sr. and George Bussanich Jr. to Pay $5.5 Million in Fraud Settlement

investment fraud attorneysGeorge 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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Peiffer Wolf (1315 Posts)

In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.