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Investment Fraud

Police & Fire
Feds Indict Bergen Advisor For Stealing $3M From Senior Clients To Gamble, Buy Home, Gold Coins Feds Indict Bergen Advisor For Stealing $3M From Senior Clients To Gamble, Buy Home, Gold Coins
Feds Indict Bergen Advisor For Stealing $3M From Senior 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
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
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 Fraud Cases Name Relatives Of Imprisoned Father, Son Scammers From Mahwah, Saddle River New Fraud Cases Name Relatives Of Imprisoned Father, Son Scammers From Mahwah, Saddle River
New Fraud Cases Name Relatives Of Imprisoned Father, Son Scammers From Mahwah, Saddle River 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
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
Morristown Adviser In Investment Scams Fined $750,000, Loses Registration Morristown Adviser In Investment Scams Fined $750,000, Loses Registration
Morristown 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
Police & Fire
Broker From Livingston Stole $270K From Elderly Couple Broker From Livingston Stole $270K From Elderly Couple
Broker From Livingston Stole $270K From Elderly Couple An investment broker must pay restitution to an elderly widow after admitting he stole more than a quarter of a million dollars from her and her husband, Attorney General Gurbir S. Grewal said Monday. Michael Alan Siegel, 62, of Livingston, who pleaded guilty to theft by deception in Essex County Superior Court, is scheduled to be sentenced in September. Prosecutors wilk ask for a three-year sentence. Siegel was friends with the couple when he suggested they transfer their investment accounts, which totaled more than $2 million, to the brokerage Siegel went to work for in 2013. The husband…

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by Paul Milo
Police & Fire
Authorities: Hillsdale Investment Adviser Who Admitted Scamming Friends Of $1.5M Does It Again Authorities: Hillsdale Investment Adviser Who Admitted Scamming Friends Of $1.5M Does It Again
Authorities: Hillsdale Investment Adviser Who Admitted Scamming Friends Of $1.5M Does It Again Soon after agreeing to pay $1.5 million to settle charges of defrauding close friends and community members, a Hillsdale investment adviser was back at it, local and federal authorities charged. Both the Securities and Exchange Commission and the Bergen County Prosecutor's Office filed new complaints against Bruce Fixelle for conning unwitting victims out of more than $500,000 through two companies that he controlled. Fixelle, 58, used the money "for his own purposes and to pay other investors," then tried to cover his tracks by giving the victims bogus capital investment statemen…

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by Jerry DeMarco
Police & Fire
FINED: River Vale Hustler Used Investments For Strip Club, Limos, More FINED: River Vale Hustler Used Investments For Strip Club, Limos, More
Fined: River Vale Hustler Used Investments For Strip Club, Limos, More Investors who “thought they were getting in on the ground floor of a legitimate business venture” were instead funding the lavish lifestyle of a River Vale man who used their money on steak dinners, limo service, $8,800 worth of visits to a strip club and other personal expenses, authorities charged. Eric J. Bruno and his company, Mirakill Brands, “misled at least eight investors – including at least seven from New Jersey – into buying unregistered securities in the form of membership interests and warrants to buy membership interests in Mirakill,” state Attorney General Gurbir S. Grewal sai…

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by Jerry DeMarco