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New Jersey Group Accused Of Defrauding Investors Out Of $3M

Less than one week after a New Jersey father and son were arrested for an alleged short sale scheme, they became part of a group of six charged in a fraud that bilked investors out of over $3 million. George Bussanich, Sr. and his son, George Bussanich, Jr., are believed to have begun the alleged multi-million-dollar fraud scheme in 2014 mere weeks after settling a civil suit with the New Jersey Bureau of Securities for $5.5 million. "The audacity of these defendants is astounding," said Acting Attorney General John Jay Hoffman. "After the Bureau of Securities exposed how this father and son deceived investors, securing a $5.5 million settlement against them, the defendants allegedly went right back to their old game, defrauding investors of another $3 million and even using some of the new funds to make payments under the settlement. The game is up for these con artists, who potentially face very long prison sentences." Following the settlement of [...]

By |September 9th, 2015|Fraud, Press Releases & News|
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Stock Promoter Indicted For Alleged Securities Fraud

Scott F. Gelbard, a former stock promoter, was charged in U.S. District Court in Boston with conspiring to commit securities fraud. Gelbard, who is originally from Colorado and now lives in Canada's Pacific Northwest, was indicted on one count of securities fraud and one count of conspiracy to commit securities fraud, stated Amy Hosney, public information officer for the IRS Criminal Investigations division. According to the indictment, Gelbard and his partners owned and operated Regency Group, LLC, a stock-promotion company in Colorado. The group hired a disbarred attorney to set up brokerage accounts in the name of faux Panamanian entities that the ex-attorney managed in order that Gelbard could secretly gather and later sell stock in companies that they were promoting. One of the companies was Greenchek Technology, Inc ., a firm that supposedly produced gasoline-emission-reduction products. Starting in 2008, Gelbard and his partners allegedly began transferring Greenchek shares they had gotten to the entities controlled by the ex-attorney. They [...]

By |September 8th, 2015|Fraud, Press Releases & News, SEC|
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FINRA Warns Investors About Messaging Apps

FINRA issued an investor alert yesterday, titled Messaging Apps Are Latest Platform for Delivering Pump-and-Dump Schemes. In the alert, FINRA cautions investors against stock promotions sent through increasingly popular messaging apps, including WhatsApp. Lately, users of WhatsApp were inundated with test messages promoting the stock of Avra, Inc. These text messages seemed to be sent from people at large brokerage firms and stated that Avra was "going to double in the next few days." "Scammers keep up with the times. If you are using a messaging app and receive a tout claiming that a stock is poised for explosive growth, don't respond—just delete," said Gerri Walsh, FINRA's Senior Vice President for Investor Education. Scams such as these are simply variations on the classic pump-and-dump scheme, where people spam potential investors to tout a particular stock. In this particular case, they use the mass message feature of messaging apps. The subsequent purchases of the stock will pump up the price, until the [...]

By |September 3rd, 2015|FINRA, Press Releases & News|
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UBS Settles Hedge Fund Suit

UBS AG avoided going to trial today by mere hours by agreeing to settle a lawsuit in which it was alleged to have peddled "crap" and "vomit" securities during the financial crisis of 2007. Connecticut hedge fund Pursuit Partners claimed that UBS sold it asset-backed securities and failed to disclose that they were about to be downgraded. Lawyers for UBS and the hedge fund announced in court yesterday that they came to terms and have resolved the suit. The Stamford-based hedge fund brought suit against UBS in 2008, alleging that it sold the fund $40.5 million of collateralized debt obligations between July and October 2007 and knew the securities were on the precipice of downfall. "UBS knew, at least as early as July 2007, based upon private communications by and between UBS and Moody's, that Moody's no longer believed that CDO notes of the type that UBS later sold to Pursuit deserved an 'investment-grade' rating," the suit alleged. To further [...]

By |September 2nd, 2015|Press Releases & News|
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