George J. Bussanich, a 55-years old man from Park Ridge and his son George Bussanich, 34-years old, of Upper Saddle River, are facing charges for engaging in securities fraud through the sales of unregistered notes in New Jersey.
The Bussaniches allegedly sold unregistered notes to unsuspecting investors and promised an annual return of 6% to 8%. They also informed the investors that the proceeds of the money would go to the Metropolitan Ambulatory Surgical Center, LLC and their other companies.
The surgical center, however, was not a real medical office but a holding company controlled by George J. Bussanich, according to the charges.
The father and son conned a total of 26 investors out of $3.5 million, which they then misappropriated for personal use including the purchase of several homes and expensive luxury cars such as Maseratis, a Land Rover, a Mercedes and a Ferrari among others, according to the allegations.
State authorities noted that this was not a case of a legitimate investment going bad, but rather a deliberate scam to defraud investors in order to fund the family’s lifestyle.
The present lawsuit names the Bussaniches and their business as defendants, together with other family members who benefited from the investor funds as nominal defendants.
State authorities have also asked the court for an immediate freeze of all the assets of everyone named in the suit, as well as an order prohibiting the Bussaniches from engaging in the securities business or offering securities for sale in the state.
The Peiffer Wolf securities attorneys have been investigating the alleged fraud perpetrated by George Bussanich and his father and believe they may be able to assist some of the victims recover their investments.
The Peiffer Wolf lawyers often represent investors who lose money as a result of Ponzi schemes, investment fraud, or stockbroker misconduct. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
George Bussanich investors may contact the securities lawyers at Peiffer Wolf, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 585-310-5140.