Milgram will pursue securities suit on state's behalf

John O'Brien Aug. 27, 2008, 1:13pm


NEWARK, N.J. (Legal Newsline) - New Jersey Attorney General Anne Milgram's office will represent the state's Bureau of Securities in a lawsuit against a man they say defrauded at least five investors.

Michael Scian used money from investors for his personal investment account and mortgage, as well as car, credit card and cable bills, the State is alleging. It adds he defrauded his customers out of an estimated $200,000.

"The hard-earned cash that investors entrusted to Scian instead were used by Scian for his own benefit," Milgram said.

Deputy attorneys general Victoria Manning and Stacy-Ann T. Davy filed the complaint in Burlington County Superior Court.

It says Scian violated the state's Uniform Securities Law by making misleading statements or omitting material facts when speaking with customers. He also sold unregistered securities, Milgram says.

Milgram is seeking restitution, disgorgement of any profits and civil penalties.

"Investors should contact the Bureau of Securities and check whether a security is registered for sale in New Jersey as legally required," Vincent J. Oliva, Bureau Chief said. "We will investigate every offer of unregistered securities that we become aware of and will act against those who attempt to defraud investors."

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