NEWS: George Bussanich Accused of Defrauding Investors
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:
- FINRA’s BrokerCheck – Research a financial advisor or firm
- Research Investments – Use helpful tools on Investor.gov to research investment offerings
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.