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Our law firm is investigating Kovack Securities relating to the conduct of former Kovack Securities broker George J. Bussanich, and the supervision of his activities. In mid-December 2013, the Division of Law on behalf of the New Jersey Bureau of Securities filed a lawsuit and the Bureau Chief concurrently has taken administrative action against George J. Bussanich, 55, of Park Ridge, NJ, and his son, George Bussanich, 34, of Upper Saddle River, NJ, alleging they defrauded twenty-six (26) New Jersey investors out of $3.5 million through the sale of unregistered notes. The New Jersey Bureau of Securities alleged that the father and son used investor funds to purchase three homes and exotic vehicles including two Maseratis and a Ferrari, among other items and personal expenses. New Jersey added that “investors allegedly were told that the money would be used for Metropolitan Ambulatory Surgical Center, LLC and George J. Bussanich’s other companies. Contrary to its name, Metropolitan Ambulatory Surgical Center, LLC, which has a Cliffside Park business address, is not a surgical center but rather a holding company controlled by George J. Bussanich. The investors purchased notes which carried a 6% to 8% annual rate of return.”
According to FINRA’s BrokerCheck, during the time period of October 2006 through December 2011,George J. Bussanich was registered with Kovack Securities. Under FINRA Rules, Kovack Securities was obligated to properly supervise the activities of George J. Bussanich during the time he was registered with the brokerage firm. Accordingly, Kovack Securities may be liable for failing to supervise George J. Bussanich’s activities while registered at the firm, and could potentially be responsible for compensating customers of George J. Bussanich for their losses.
Customers of George J. Bussanich who sustained losses are encouraged to contact our law firm to explore their legal rights and options. Our law firm can be reached, toll free, at 888-997-9956.