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New Jersey Bureau of Securities

Police & Fire
Bergen Dad, Son Busted Again, This Time In $2.5M Jersey Shore ‘Fix-and-Flip’ Scheme Bergen Dad, Son Busted Again, This Time In $2.5M Jersey Shore ‘Fix-and-Flip’ Scheme
Bergen Dad, Son Busted Again, This Time In $2.5M Jersey Shore ‘Fix-and-Flip’ Scheme It seemed state and federal prosecutors had thrown all they could at a Bergen County father and son for a series of multi-million-dollar investment scams. But state authorities announced a new indictment against both men on Monday, Nov. 6. This time, George Bussanich, Sr., 65, of Park Ridge, and George Bussanich, Jr., 43, of Upper Saddle River, are charged with defrauding investors and mortgage lenders out of more than $2.5 million through a “fix and flip” investment scam involving Jersey Shore real estate. Victims believed they were funding the purchase, renovation, and resale of four…

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by Jerry DeMarco
Police & Fire
Jersey Shore Advisor Who Swindled Mentally Impaired Elderly Siblings Gets 3½ Years In Fed Pen Jersey Shore Advisor Who Swindled Mentally Impaired Elderly Siblings Gets 3½ Years In Fed Pen
Jersey Shore Advisor Who Swindled Mentally Impaired Elderly Siblings Gets 3½ Years In Fed Pen UPDATE: A former investment advisor from the Jersey Shore who admitted swindling elderly and impaired clients out of more than $625,000 to partly fund a gambling habit was sentenced to a plea-bargained 3½ years in federal prison this week. Mario E. Rivero Jr., 39, of Red Bank, must serve out the entire term because there's no parole in the federal prison system. Rivero, a former Wells Fargo agent and investment adviser representative who had an office in Elizabeth, convinced five clients to transfer investment funds to their personal bank accounts, federal authorities charged. Many of his …

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by Jerry DeMarco
Police & Fire
NJ Broker Loses Registration, Fined $150G For Going Rogue With Hudson Valley Tequila Startup NJ Broker Loses Registration, Fined $150G For Going Rogue With Hudson Valley Tequila Startup
NJ Broker Loses Registration, Fined $150G For Going Rogue With Hudson Valley Tequila Startup A former New Jersey broker-dealer agent from Rockland County had his registration revoked and was fined $150,000 for steering clients to a Hudson Valley tequila startup whose founder went to federal prison. Michael W. Mandel of Suffern sold the securities in the form of ownership interests in "6 Degree Tequila" via unauthorized private transactions, state Attorney General Matthew J. Platkin said.  Records show Mandel was working at the time as an agent and investment adviser representative for two New Jersey broker-dealers -- Royal Alliance Associates in Old Tappan and, later, LPL Fina…

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by Jerry DeMarco
News
Jersey Shore Financial Advisors Fined $800K, Licenses Revoked: AG Jersey Shore Financial Advisors Fined $800K, Licenses Revoked: AG
Jersey Shore Financial Advisors Fined $800K, Licenses Revoked: AG A Monmouth County investment firm has been fined $800,000 for hiring an unregistered financial advisor, New Jersey authorities said. The advisor had been barred from the securities industry, according to Acting Attorney General Matthew J. Platkin. The New Jersey Bureau of Securities took further action against the Atlantic Highlands investment firm by revoking its registrations, Plotkin said. Acting Bureau Chief Amy G. Kopleton found that Steven Gluckstein and his advisory firm, Seaview Global Advisors LLC, employed Anthony Calascione from approximately 2017 through 2021, and allowed him t…

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by Jon Craig
News
NJ: Elderly Siblings With 8th-Grade Educations Swindled In $500,000 Investment Scam NJ: Elderly Siblings With 8th-Grade Educations Swindled In $500,000 Investment Scam
NJ: Elderly Siblings With 8th-Grade Educations Swindled In $500,000 Investment Scam A former investment adviser swindled four elderly New Jersey customers out of $529,780 that he used for gambling, meals and car payments, state authorities said. Three of the victims conned by Mario E. Rivero, Jr. were elderly siblings who had eighth-grade educations, couldn't speak or read English and had "diminished capacity," Acting New Jersey Attorney General Matthew J. Platkin said on Monday, March 14. Rivero -- who'd known the siblings for more than 10 years before becoming their financial professional -- told them and others that their money "would be invested in his mother's and fr…

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by Jerry DeMarco
News
Authorities: Long Island Couple In $1 Million Securities Scam Targeted Elderly NJ Investors Authorities: Long Island Couple In $1 Million Securities Scam Targeted Elderly NJ Investors
Authorities: Long Island Couple In $1 Million Securities Scam Targeted Elderly NJ Investors Several New Jersey seniors were scammed out of more than $1 million combined by a Long Island couple, Garden State authorities have charged. Salvatore Magaraci, 63, and A. Kirsten Gallardo, 60, of Huntington, NY specifically targeted elderly victims to pitch unregistered securities to for a crooked – and now defunct -- company, Acting New Jersey Attorney General Andrew J. Bruck said. The Woodbridge Group of Companies purported to be a commercial lender that made hard-money loans secured by mortgages on commercial property. It ended up being ordered to pay $1 billion -- and saw its foun…

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by Jerry DeMarco