White Cedar Group LLC Owner Evan M. Kochav Reportedly Squandered Investor Money on Casino Capers
Evan M. Kochav, of Jersey City, New Jersey, and the owner of White Cedar Group LLC in Red Bank, was fined $2 million for reportedly using investor money for gambling sprees at casinos and on poker websites, the New Jersey Bureau of Securities alleges. The Bureau also reports that Kochav had his agent registration revoked, and further alleged that Kochav also used the cash for shopping, dining, plane tickets, and choice football tickets.
The Garden State Authorities also reported numerous violations of New Jersey’s Uniform Securities Law, including alleged ATM withdrawals at or near casinos in Costa Rica, Florida, New Jersey, Pennsylvania, payments to poker websites, and a money transfer of over $33,000 to Kochav’s wife.
White Cedar Group Allegedly Wooed Customers with Elaborate Web of Investment Deceit
Kochav was reportedly terminated by an Illinois-based securities firm for violating internal policies in June of 2013. By month’s end, Kochav had founded the Cedar Group, allegedly stating that it was an economic consulting firm with strong ties to investment groups and business partners worldwide in real estate, manufacturing, oil drilling and other industries, according to New Jersey state officials.
Then, from June of 2013 until February 2014, Kochav allegedly solicited numerous customers to invest with him and the Cedar Group, using falsified account statements, fictitious quarterly reports and erroneous trade confirmations which masked the truth of how investors’ monies were being squandered, the New Jersey Bureau of Securities alleges.
White Cedar Group Reportedly Claimed Abundant Holdings in Tech Powerhouses Tesla Motors, Google, and Apple
Finally, the State of New Jersey alleges that Kochav’s White Cedar Group tried to impress potential investors by purporting to show quarterly statements that showed holdings in companies such as Tesla Motors, Google and Apple with a value of more than $13 million.
Investment Recovery Lawyers Investigating
The Peiffer Rosca Wolf investment recovery lawyers often represent investors who lose money as a result of investment fraud or stockbroker misconduct. 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 investment recovery lawyers at Peiffer Rosca Wolf, Alan Rosca or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 888-998-0520.
Broker: Evan M. Kochav
Status: INVESTIGATED by Peiffer Rosca.
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