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Monday, October 14, 2019

N.J. AG obtains court order against investment company

By Bryan Cohen | Dec 30, 2013

NEWARK, N.J. (Legal Newsline) - New Jersey Acting Attorney General John Hoffman has announced a court order against two Bergen County residents and their company granting a request for an asset freeze and the appointment of a receiver.

Hoffman's Bureau of Securities previously filed a lawsuit against George J. Bussanich, George Bussanich and Metropolitan Ambulatory Surgical Center LLC for allegedly defrauding 26 New Jersey investors out of $3.5 million through the sale of unregistered notes. Various family members who allegedly received funds from George J. Bussanich were named as nominal defendants.

State Superior Court Judge Thomas Moore granted the state's request to freeze the assets of the defendants and appoint a receiver over Metropolitan Ambulatory Surgical Center and the Bussanichs.

"We're pleased that Judge Moore granted our motion to immediately take control of the assets and financial records of the defendants," Hoffman said. "Their misuse of investor funds stops here and now."

Moore set a February 14 court date for further proceedings on the state's lawsuit.

The Bussanichs allegedly used investor funds for their own personal enrichment, including the purchase of three homes, two Maseratis and a Ferrari. The defendants allegedly told investors the money would be used for Metropolitan Ambulatory Surgical Center and George J. Bussanich's other companies.

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