PLAINFIELD — A northern New Jersey investment company will pay more than $8 million to settle an investment fraud lawsuit brought by state regulators. The settlement announced today by the state Attorney General's Office also permanently bars Anthony Lucchetto Jr. form working in the securities industry in New Jersey. Lucchetto owned Serafino Holdings LLC, a Plainfield-based investment company. It sold...
PLAINFIELD — A northern New Jersey investment company will pay more than $8 million to settle an investment fraud lawsuit brought by state regulators.
The settlement announced today by the state Attorney General's Office also permanently bars Anthony Lucchetto Jr. form working in the securities industry in New Jersey.
Lucchetto owned Serafino Holdings LLC, a Plainfield-based investment company. It sold securities Lucchetto said were invested in construction loans and would produce high rates of return.
But Attorney General Paula Dow said Lucchetto ran a Ponzi scheme, using money from new investors to pay earlier ones.
Investigators identified about 75 investors. The settlement requires payment of $7.2 million in restitution to them, plus more than $1 million in civil penalties to the state.
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