Osiris Fund, Osiris Partners LLC, Zuck, Spak, Spak, and Najarian Accused of Massive Securities Fraud Scheme

New Orleans investment fraud attorneyPeter Zuck, Michael J. Spak, Joseph C. Spak, and John R. Najarian, all investment professionals in New Jersey, were accused of orchestrating a massive securities fraud scheme and are being held liable for more than $55 million in investor restitution, civil penalties, and disgorgement, according to the New Jersey Division of Consumer Affairs and the Bureau of Securities. A lawsuit was filed by the Bureau of Securities with the aim of taking appropriate action against those responsible.

The Peiffer Rosca law firm’s securities practice attorneys Alan Rosca and Joe Peiffer are investigating the matter on behalf of investors.

Osiris Fund, Osiris Partners LLC, Zuck, Spak, Spak, and Najarian Allegedly Defrauded Investors

Zuck, Spak, Spak, and Najarian along with Osiris Fund and Osiris Partners LLC allegedly took part in the fraudulent selling of millions of dollars in securities to approximately 76 investors, as specified in the complaint filed in State Superior Court in Jersey City in August 2012. The securities were supposedly distributed by the Osiris Fund Limited Partnership and were characterized to clients as a “hedge fund” for the “little guys” and “moms and pops.”

When partaking in the solicitation and selling of these securities, Zuck, Spak, Spak, and Najarian did not reveal Zuck’s prior theft and fraud convictions. They sold unregistered securities and cheated investors of their money in numerous ways including by making incorrect statements to investors regarding their account, concealing the use of the investors’ funds for the defendants’ and their family members’ benefit, exaggerating the hedge fund’s net asset value to yield increased management fees and conceal losses, and inappropriately utilizing unregistered agents to sell limited partnership interests in a hedge fund.

The Court Orders Restitution, Disgorgement, and Civil Penalties

The Court has granted final judgment and ordered different restitutions for the individuals involved in this securities fraud scheme. Osiris Fund Limited Partnership, Osiris Partners, LLC, Michael J. Spak, Joseph C. Spak, and Brian J. Spak are responsible for $7.6 million is disgorgement and investor restitution as well as $47 million in civil penalties. The Court also ordered the other implicated persons to pay relief for their actions, as specified in their judgment ruling.

Investor Right Attorneys Investigating Osiris Fund, Osiris Partners LLC, Zuck, Spak, Spak, and Najarian Misconduct

The Peiffer Rosca 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 Osiris Fund, Osiris Partners LLC, Zuck, Spak, Spak, and Najarian. 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 Rosca, Alan Rosca or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 888-998-0520.

Broker: Michael J. Spak

Status: INVESTIGATED by Peiffer Rosca.

For brokercheck report and additional info click here!

Broker: Joseph C. Spak

Status: INVESTIGATED by Peiffer Rosca.

For brokercheck report and additional info click here!

Broker: John R. Najarian

Status: INVESTIGATED by Peiffer Rosca.

For brokercheck report and additional info click here!

Alan Rosca (1225 Posts)

Alan is a securities lawyer. He also teaches Securities Regulation at the Cleveland-Marshall College of Law. He focuses his legal practice on complex commercial and financial litigation and arbitration, particularly in the areas of securities and investment fraud. His office is in Cleveland, Ohio.


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.