A father and son in Bergen County, New Jersey, have agreed to pay $5.5 million to settle New Jersey Bureau of Securities charges that they conned more than 30 victims out of investments that they then used to buy sports cars and expensive homes, NorthJersey.com reports.
According to the complaint, filed in State Superior Court in Newark, between May 2009 and July 2013 George Bussanich Sr. of Park Ridge and his son, George Bussanich Jr. of Upper Saddle River, made false and misleading statements to investors regarding the sale of unregistered investment notes in Metropolitan Ambulatory Surgical Center, a holding company controlled by the senior Bussanich.
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