New Jersey AG: Livingston broker defrauded elderly couple out of $280,000

By Mark Iandolo | Feb 6, 2018

NEWARK, N.J. (Legal Newsline) — New Jersey Attorney General Gurbir S. Grewal and the New Jersey Bureau of Securities within the Division of Consumer Affairs announced on Feb. 1 that Michael Alan Siegel, a Livingston broker, has had his agent registration revoked after allegations of defrauding an elderly couple out of at least $280,000.

“The behavior outlined by the Bureau in this case is outrageous and infuriating,” Grewal said in a statement. “Taking advantage of an elderly couple during a time when they most need help and empathy is disgusting. The Bureau did the right thing by making sure this agent never has the ability to con people again under the guise of being a securities agent.”

According to allegations, Siegel befriended an elderly couple dealing with significant family health issues. Siegel purportedly convinced the couple to write him checks for investments. According to Grewal’s office, Siegal used these funds for personal gain.

“Registered securities agents are entrusted with hard-earned money of their clients. Violations such as the ones alleged here must be met with the strongest possible penalties,” said Sharon M. Joyce, acting director of the Division of Consumer Affairs, in a statement. “Only through vigorous enforcement of the law governing agents can the integrity of the financial services industry be ensured.”

Grewal’s office imposed $100,000 in civil penalties against Siegal and his company NJLI Advisors LLC.

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