GEORGE BUSSANICH 55, of Park Ridge, New Jersey, and his son, GEORGE BUSSANICH Jr., 34, of Upper Saddle River, New Jersey, have agreed to pay $5.5 million, which includes $4 million restitution to their approximately 30 victims. The pair allegedly scammed their investors through the sale of unregistered security notes, and then used investors' money to buy two Maseratis, a Ferrari, and other luxury items for themselves. FINRA barred George Bussanich (CRD# 4552414) permanently in December of 2013.
New Jersey authorities asked a judge to freeze the assets of everyone named in the suit, appoint a receiver to take title to and possession of their property, and to review all financial records.
Under the terms of the settlement, the father and son, along with their two companies will pay to the investors $4,074,097.06 in full restitution, $1 million in civil penalties ($250,000 of which will be suspended if they comply with the terms of the settlement), and other costs.
The Bussanichs' are permanently prohibited from acting as agents, broker-dealers, or investment advisors in New Jersey’s securities industry. Also they are prohibited from controlling or acting as officers or directors of any entity that sells securities, and from selling or offering securities in the State of New Jersey.
GEORGE BUSSANICH, CRD# 4552414, according to FINRA's BrokerCheck, was previously registered with the following securities firm(s):
KOVACK SECURITIES INC. (CRD# 44848) - CLIFFSIDE PARK, NJ
10/2006 - 12/2011
NEWBRIDGE SECURITIES CORPORATION (CRD# 104065) - CLIFFSIDE PARK, NJ
08/2004 - 09/2006
GRANITE SECURITIES, LLC (CRD# 104255) - WOODBURY, NY
FINRA expelled the firm in 10/2013 06/2004 - 07/2004
FIRST MONTAUK SECURITIES CORP. (CRD# 13755) - RED BANK, NJ
04/2004 - 05/2004
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