Chiesa
NEWARK, N.J. (Legal Newsline) - New Jersey Attorney General Jeffrey Chiesa announced a settlement on Tuesday with a South Jersey couple who allegedly offered a fraudulent investment opportunity.
Under the terms of the administrative consent order with the New Jersey Bureau of Securities, Dennis and Maria Bracall and their, company Pro-Tech Enterprises LLC, must pay $35,000 in restitution and civil penalties by Aug. 31.
The defendants operated Pro-Tech Custom Modular Homes Inc., a modular homes business. The Bracalls allegedly offered two modular home customers the opportunity to invest $125,000 in the Hawks Landing housing development project located in Middle Township.
The Bracalls allegedly represented to the investors that they would build 10 luxury modular homes on 10 lots owned by the defendants and a business partner. The contract the investors signed provided that the investors would get $12,500 toward their principal and a $5,000 dividend upon each home's settlement.
The Bracalls allegedly only actually owned two of the 10 lots and commingled the investors' funds, using most of the funds to work on other projects and properties. The $125,000 was allegedly not returned to the investors and the promised interest payments and dividends were not paid.
If the defendants do not meet the Aug. 31 deadline, the Bracalls must pay $30,000 and the company must pay an additional $30,000.