New Jersey Attorney General Convicts Father and Son in Ponzi Schemes
Recently, the New Jersey Attorney General revealed that a father and son had admitted to defrauding investors of millions of dollars through two successive scams involving sales of fraudulent investments. After deceiving 26 investors in the first scheme, they stole an additional $3 million from 15 victims during a second heist.
Early Life and Education
Early childhood experiences, environments and relationships can have lasting effects on a child’s physical, social and emotional development. Exposure to positive factors like stable relationships with parents or other adults as well as safe environments that encourage healthy development are all essential for successful childhood development.
Researchers believe that children’s brain development begins during their first eight years, when billions of connections between neurons form. These formative years are crucial for lifelong learning and health for a child, according to studies.
High-quality early education programs are essential for children to attain essential developmental milestones, skills and concepts that will ultimately determine their academic success. Furthermore, these abilities contribute to economic advancements as well as social inclusion.
Bussanich and his father admitted to defrauding 26 investors of more than $7 million through two successive schemes involving fraudulent investment sales. After the first scam, they agreed to pay $5.5 million as part of a settlement with the New Jersey Bureau of Securities.
A consent order had previously prohibited them from selling securities and controlling or acting as officers or directors of any entity selling securities in New Jersey. Yet in September 2014, they began soliciting investor funds for a fictitious company they created with accountant George Schooley.
Bussanich and his father used most of the investor funds for personal gain, launder them fraudulently through multiple shell corporations, and fraudulently obtain new investor money in order to pay penalties imposed under a consent order.
Achievements and Honors
On Friday, April 6th at the University of Arizona’s Honors Day Tapping on the Mound ceremony, UA recognized its outstanding students for their academic accomplishments and leadership. The University’s premier awards are the Algernon Sydney Sullivan Award, William P. Bloom Scholarship Award and Morris Lehman Mayer Award – awarded by UA President himself!
On Wednesday, August 11th, The University of Arizona recognized members of the Anderson Society, an honorary society composed of senior honorary members who have demonstrated exceptional leadership and service during their college career. Furthermore, top graduate and undergraduate students were recognized by UA.
Bussanich Sr., 61 years old, was sentenced to 10 years in prison while his son George Jr. received 8 years and five months and his mother Wilma Bussanich received five years probation.
Recent convictions of a father and son for their roles in two Ponzi schemes that defrauded investors of millions of dollars are expected to result in prison terms for these crimes.
The two Bussanichs were part of a scam in which they sold unregistered investment notes for fake surgical centers. The Metropolitan Ambulatory Surgical Center, or MASC for short, wasn’t actually an actual facility but rather the controlled holding company of the Bussaniches.
26 investors suffered a loss of $4 million as the result of their actions. Furthermore, they violated a 2014 consent order which barred them from selling securities in New Jersey; 15 of the investors were solicited to invest in another fraudulent investment scheme.
A Bergen County father and son have been sentenced to prison on Friday after defrauding dozens of elderly investors out of $7 million. Prior to being convicted on Friday, both had already spent time in federal prison for their involvement in another mortgage fraud scheme.
The bussaniches allegedly used the life savings of 26 investors to finance their own extravagant homes, sportscars and luxurious lifestyle. They sold false investment notes which were later discovered to be fraudulent.
They allegedly spent the money on multiple homes, luxury trips and seven luxury cars including two Maserati Quattroportes and a Ferrari F430 Spider.
Prosecutors allege that after creating a fictional company called Global Fund Management with their family accountant Robert Schooley, the two allegedly solicited investments into it. This second scheme defrauded 15 of the original investors, according to prosecutors.