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State says hedge fund fraud results in $55M repayment order

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The New Jersey Division of Consumer Affairs and Bureau of Securities announced Friday that a group of alleged securities fraudsters had been ordered to pay more than $55 million.

The perpetrators include defendants Peter Zuck of Middletown, MichaelJ. Spak of Chesterfield, Joseph C. Spak of Milltown and John R. Najarian of Hillsdale, according to a news release. They ran “a purported hedge fund based in Jersey City that operated a massive securities fraud scheme,” the release said.

“Investors lost millions in this scheme and our focus is on taking appropriate action against those responsible,” Acting Attorney General John J. Hoffman said in the release.  “This includes barring the most culpable of these scammers from the securities industry to prevent them from preying upon investors in the future.”

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Eric Strauss

Eric Strauss

Eric Strauss is the digital content editor for NJBIZ. He has been a reporter and editor for newspapers in New Jersey and Pennsylvania, as well as for a number of websites. You can contact him at erics@njbiz.com or @acerimrat on Twitter.

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