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Written by 11:45 am Blog, Securities Fraud Articles

Former NJ Broker Charged With Fraud

Have you suffered investment losses as the result of your dealings with George J. Bussanich and his son, specifically notes sold for Metropolitan Ambulatory Surgical Center, LLC? If so, The White Law Group may be able to help recover your losses.

The New Jersey Bureau of Securities has filed a suit against two men for allegedly bilking investors of $3.5 million through the sale of unregistered notes. George J. Bussanich and his son, George Bussanich, allegedly told investors that their money would be invested in Metropolitan Ambulatory Surgical Center, LLC and other company’s controlled by George J. Bussanich. As it turns out the Metropolitan Ambulatory Surgical Center is actually a holding company. George J. Bussanich and his son allegedly used the funds for personal expenses including 3 homes, 2 Maseratis and a Ferrari. Allegedly, investors thought they were purchasing fraudulent notes which they believed carried a 6% to 8% annual rate of return.

The son, George Bussanich, was a registered represetative for the brokerage firm Kovack Securities until he was fired for failure to report his outside business activities to the firm. When a broker conducts business outside the scope of the brokerage firm where they are employed the act is considered “selling away.” If a broker “sells away” from his firm, the brokerage firm may be liable for negligent supervision and responsible for investment losses in a FINRA arbitration claim.

To the extent that George Bussanich solicited investments in his alleged scheme while affiliated with a FINRA registered brokerage firm at the time of the solicitation, that brokerage firm may be liable for the losses incurred.

If you invested in the Metropolitan Ambulatory Surgical Center or with George Bussanich and would like to discuss your litigation options to recover your losses, please call the securities attorney of The White Law Group (312)238-9650 for a free consultation.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection/compliance law firm with offices in Chicago, Illinois and Boca Raton, Florida.

To learn more about The White Law Group, visit www.WhiteSecuritesLaw.com.

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