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Division of Consumer Affairs
Press Release

Attorney General
Anne Milgram
Division of Consumer Affairs, Director
David Szuchman
   
For Immediate Release:
August 27, 2008
For Further Information Contact:
Jeff Lamm, 973-504-6327
 
N.J. Bureau of Securities Files Suit Against
Burlington County Resident Who Defrauded Investors

NEWARK—The N.J. Bureau of Securities has filed suit against an Evesham Township resident who allegedly sold unregistered securities and defrauded at least five investors out of an estimated $200,000.

Michael R. Scian Jr. allegedly used the money from investors for his personal expenses, including transferring funds to his personal investment account; paying his American Express account; repaying a personal loan; paying a portion of his mortgage; paying a car loan; and paying his cable television bill.

"The hard-earned cash that investors entrusted to Scian instead were used by Scian for his own benefit," Attorney General Anne Milgram said.

The state's four-count complaint, filed in State Superior Court in Burlington County, alleges that Scian violated the New Jersey Uniform Securities Law by making false or misleading statements or omitting material facts when communicating with investors; employing any device, scheme or artifice to defraud; engaging in any act or practice which would operate as a fraud or deceit; and selling unregistered securities.

"Investors should contact the Bureau of Securities and check whether a security is registered for sale in New Jersey as legally required," said Vincent J. Oliva, Bureau Chief. "We will investigate every offer of unregistered securities that we become aware of and will act against those who attempt to defraud investors."

The state is seeking restitution for investors, disgorgement of any profits that resulted and the levying of civil penalties.

Scian allegedly represented to investors that their funds would be safe because the monies would be used in day trading and that positions would be liquidated each day.

Supervising Investigator Rudolph G. Bassman conducted the investigation of this case. The state is represented by Deputy Attorneys General Victoria A. Manning and Stacy-Ann T. Davy.

The Bureau of Securities can be contacted toll-free within New Jersey at 1-877-I-INVEST (1-877-446-8378) or from outside New Jersey at 973-504-3600. The Bureau's web site is located at www.njsecurities.gov.

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