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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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Nine Charged In $30M Computer Hacking, Securities Fraud

Nine alleged computer hackers were charged today for their roles in a securities fraud scheme that earned $30 million in illicit gains by stealing and trading on corporate earnings data procured from newswire services before they were published. The charges, which were brought by U.S. Attorney's Offices for the District of New Jersey and the Eastern District of New York, include securities fraud, wire fraud, fraud in connection with computers, aggravated identity theft, and money laundering conspiracy. Additionally, the SEC has announced fraud charges against these nine defendants as well as twenty-three more. Adding the earnings from these defendants, the illicit gains add up to more than $100 million. "Hacker defendants" Ivan Turchynov and Oleksandr Ieremenko, named in the indictment as computer hackers that lived in Ukraine, compromised a number of newswire services, including PR Newswire (owned by United Business Media, Dark Reading's parent company), Marketwired, and Business Wire. Tens of thousands of press releases were stolen from each of [...]

By |August 12th, 2015|Fraud, Press Releases & News, SEC|
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Former Georgia Attorney Pleads Guilty To Securities Violations

Hendrickx Toussaint, a former attorney from Atlanta, Georgia, has pleaded guilty in Madison County, Alabama Circuit Court to one count of Conspiracy to Commit Securities Fraud by employing a device, scheme or artifice to defraud, a Class C felony punishable by up to ten years and no less than a year and a day in prison as well as a fine of up to $15,000 upon conviction. Circuit Court Judge Alison S. Austin will sentence Toussaint on September 17 of this year. Toussaint's sentence will run concurrently with a federal prison sentence. Earlier this year, Toussaint pleaded guilty in federal court in the United States District Court for the Northern District of Georgia to Conspiracy to Commit Wire Fraud. His federal sentencing will occur on August 4. Toussaint was indicted by a Madison County, Alabama Grand Jury in June 2014. His co-conspirator, Richard David Hall of Huntsville, Alabama fraudulently solicited investors' funds to be used in a managed gold "buy-sell" [...]

By |April 17th, 2015|Press Releases & News|
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