NEWARK, N.J. (Legal Newsline) -- New Jersey Acting Attorney General John Hoffman said Wednesday his office is suing a father and son and their company for allegedly engaging in securities fraud through the sales of unregistered notes.
George J. Bussanich and his son, George Bussanich, allegedly took investor funds from 26 New Jerseyans and used the money for their own personal enrichment, including the purchases of three homes and multiple exotic vehicles.
The Bussanichs allegedly told the investors their money would be used for Metropolitan Ambulatory Surgical Center LLC and their other companies.
Contrary to its name, Metropolitan Ambulatory Surgical Center is actually a holding company controlled by George J. Bussanich.
The lawsuit alleges the Bussanichs engaged in multiple violations of the registration and anti-fraud provisions of the state's Uniform Securities Law.
"This was not a legitimate investment gone bad but a scam by the defendants to line their pockets and live the high life," Hoffman said in a statement. "They, like other similarly situated defendants, will now pay the price for living the high life on the backs of defrauded investors."
Various Bussanich family members who allegedly received investor funds also were named as nominal defendants.
The Attorney General's Office also filed an order to show cause, which requested the court immediately freeze the assets of the defendants and nominal defendants, appoint a receiver and review all financial books and records.
N.J. AG files securities lawsuit against father and son
