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Investment Fraud

Police & Fire
Feds Indict Broker For Stealing $3M From Senior NJ Clients To Gamble, Buy Home, Gold Coins Feds Indict Broker For Stealing $3M From Senior NJ Clients To Gamble, Buy Home, Gold Coins
Feds Indict Broker For Stealing $3M From Senior NJ Clients To Gamble, Buy Home, Gold Coins A disgraced former broker and investment advisor is now under federal indictment for stealing more than $3 million from clients that authorities said he used to gamble and buy gold coins and a new house in Bergen County. Kenneth A. Welsh, 42, of River Edge, "used his position as an investment advisor to gain the trust of his victims," U.S. Attorney Philip R. Sellinger said. "(He) then exploited that trust,” Sellinger said. Welsh was working at Wells Fargo Clearing Services in Fairfield when federal authorities said he began shifting money from clients' accounts to that he controlled in Ju…

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by Jerry DeMarco
Police & Fire
Man Stole $211K From Friend In Investment Fraud Scheme: Prosecutor Man Stole $211K From Friend In Investment Fraud Scheme: Prosecutor
Man Stole $211K From Friend In Investment Fraud Scheme: Prosecutor A 70-year-old man from Ortley Beach has been sentenced to five years in New Jersey State Prison for an investment fraud scheme, authorities said. John Hammond reportedly stole more than $211,000 from a friend when he purported to invest the money, according to Ocean County Prosecutor Bradley D. Billhimer. Hammond previously pleaded guilty to theft by deception, the prosecutor said. Hammond will also be required to make restitution to the victim in the amount of $211,415.98. An investigation by the Toms River Township Police Department Detective Bureau revealed that between May 2…

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by Jon Craig
News
NJ FEDS: Miracle-Aspirin Investment Scam Sends Long Island Man To Prison For 4½ Years NJ FEDS: Miracle-Aspirin Investment Scam Sends Long Island Man To Prison For 4½ Years
NJ Feds: Miracle-Aspirin Investment Scam Sends Long Island Man To Prison For 4½ Years A Long Island man must spend the next 4½ years in prison for scamming investors out of $3.5 million through what he claimed was a revolutionary new aspirin, federal authorities in New Jersey said. Donald A. Milne III, a 57-year-old repeat offender from Massapequa, defrauded more than 70 victims from throughout the country, U.S. Attorney Philip R. Sellinger said. All thought they'd invested in what he touted as a “fast-acting form of powdered aspirin that could instantly stop heart attacks and strokes," Sellinger said. Milne used the money instead for a Caribbean vacation, boating expe…

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by Jerry DeMarco
News
Investor Stole $175K From 10 Jersey Shore Clients: Prosecutor Investor Stole $175K From 10 Jersey Shore Clients: Prosecutor
Investor Stole $175K From 10 Jersey Shore Clients: Prosecutor A 60-year-old man from Monmouth County has been arrested for stealing more than $175,000 from 10 clients who had entrusted him to invest large sums of their money, authorities said. Jeffrey Loretta, of Manalapan, is charged with second-degree theft and 10 counts of  misapplication of entrusted property, according to Acting Monmouth County Prosecutor Lori Linskey An investigation by the Prosecutor’s Office’s Financial Crimes and Public Corruption Unit revealed that the 10 alleged victims gave Loretta a combined total of slightly more than half a million dollars …

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by Jon Craig
News
NY Con Man Admits Scamming $3.5M From Elderly Investors In NJ, Elsewhere For Heart Attack Pill NY Con Man Admits Scamming $3.5M From Elderly Investors In NJ, Elsewhere For Heart Attack Pill
NY Con Man Admits Scamming $3.5M From Elderly Investors In NJ, Elsewhere For Heart Attack Pill A convicted con artist from Long Island admitted in federal court in Trenton on Monday that he scammed investors in a purportedly revolutionary new aspirin -- most of them elderly -- out of $3.5 million that he used as his own personal piggybank. Donald A. Milne III, a 57-year-old repeat offender from Massapequa, defrauded more than 70 victims from throughout the country who though they'd invested in Instaprin, which he touted as a “fast-acting form of powdered aspirin that could instantly stop heart attacks and strokes," Acting U.S. Attorney Rachael A. Honig said. He used the money instead…

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by Jerry DeMarco
News
New NJ Fraud Cases Name Relatives Of Imprisoned Father/Son Scammers New NJ Fraud Cases Name Relatives Of Imprisoned Father/Son Scammers
New NJ Fraud Cases Name Relatives Of Imprisoned Father/Son Scammers It seemed that state and federal prosecutors had thrown all they could at Bergen County’s George Bussanich and his son for a series of multi-million-dollar investment scams the past several years. But state authorities announced a new case Friday that also includes Bussanich's daughter and son-in-law as co-defendants. George Bussanich Sr., 62, of Park Ridge is already serving a 27-month federal prison stretch in Allenwood, PA for defrauding mortgage lenders and is due for release in 10 months. His son, George Bussanich Jr., 41, of Saddle River is up for parole this November from an eight-y…

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by Jerry DeMarco
Business
Prosecutor: Central Jersey Man Swindled $1.1M From Investors Prosecutor: Central Jersey Man Swindled $1.1M From Investors
Prosecutor: Central Jersey Man Swindled $1.1M From Investors A Central Jersey man is accused of stealing $1.1 million from investors, authorities said. Anthony Giordano of Freehold Township stole approximately $1,100,000 between January 2015 and July of 2018 from five victims through use of fraudulent stock purchase agreements and promissory notes, and used the funds for his own personal benefit, according to Monmouth County Prosecutor Christopher J. Gramiccioni. Giordano turned himself in to the Freehold Township Police Department on Thursday and was charged with second-degree theft by deception and second-degree misconduct …

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by Jon Craig
Police & Fire
Bergen-Based Debt Reliever From Wayne Admits Scamming Victims Out Of $5 Million Bergen-Based Debt Reliever From Wayne Admits Scamming Victims Out Of $5 Million
Bergen-Based Debt Reliever From Wayne Admits Scamming Victims Out Of $5 Million A Bergen County lending company founder from Wayne who promised to help desperate, low-income customers pay off crushing loans admitted Thursday that he pushed them even further into debt while pocketing more than $5 million. Edward Espinal, 44, of Wayne, who pleaded guilty videoconference to securities fraud and conspiracy in exchange for leniency at sentencing, is “the quintessential con artist,” Acting FBI Special Agent in Charge Douglas Korneski said. “He played a shell game with other people’s hard-earned money, making promises he never intended to keep, and walking away with ill-gott…

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by Jerry DeMarco
Police & Fire
North Jersey Adviser In Investment Scams Fined $750,000, Loses Registration North Jersey Adviser In Investment Scams Fined $750,000, Loses Registration
North Jersey Adviser In Investment Scams Fined $750,000, Loses Registration A Morristown investment adviser was fined $750,000 and had his registration pulled for selling more than $12 million of unregistered securities in New Jersey, some of which were tied to Ponzi schemes and other scams, state authorities said Tuesday. Gary Scheer, managing member and sole investment adviser representative of Retirement Financial Advisors, LLC in Morristown, recommended and sold unregistered securities to at least 50 investors from 2010 through 2018, state Attorney General Gurbir S. Grewal said. He made more than $600,000 in commissions on the sales, which involved franchises, …

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by Jerry DeMarco