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.”
ALSO ON NJBIZ: