The SEC accused former broker George Bussanich (CRD# 4552414) of offering securities of a company his father owned from
approximately March 2009 through July 2013. Bussanich allegedly sold these
securities offerings without notifying investors that they were not registered
with the bureau. The SEC accused him of selling approximately $3.5 million
in promissory notes to 26 New Jersey investors.
According to the New Jersey Bureau of Securities, Bussanich made various
lies and misrepresentations while soliciting investments in Metropolitan
Ambulatory Surgical Center, LLC, including claims that investors would
see annual returns of six to eight percent. Bussanich also allegedly used
some of the money he raised for unauthorized purposes, including personal expenses.
Since the promissory notes were not offered through Kovack, Bussanich was
required to notify and get approval from his managing firm regarding the
outside business activity. According to FINRA, Bussanich failed to do
so. Since the accusations surfaced, George Bussanich and his father have
agreed to pay
$4 million in victim restitution and have been barred from the securities industry.
Before you invest, we at Meyer Wilson encourage you to research whether
an investment is registered and whether your financial advisor is registered
to practice securities. Here are some helpful resources for doing that:
Since 1999, our law firm has been helping investors recover their losses
caused by fraud and misconduct. Contact Meyer Wilson for additional information
on FINRA arbitration and recovering losses caused by investment misconduct.