Anne Milgram, Attorney General
Division of Consumer Affairs
Larry DeMarzo, Acting Director
For Immediate Release:
May 19, 2008
For Further Information Contact:
Jeff Lamm, 973-504-6327
Consumer Information:


Defendant Agrees to Pay $275,000 to Settle Stock Fraud Lawsuit

NEWARK -- The founder of a defunct Princeton-based company who allegedly defrauded investors in his firm has agreed to pay $200,000 in restitution and a $75,000 civil penalty to settle a lawsuit brought by the Office of the Attorney General and the New Jersey Bureau of Securities.

Thomas D'Innocenzi, founder of Spanlogix, Corp. (“Spanlogix”), also is permanently enjoined from working in the New Jersey securities industry, under terms of the consent order.

“We've acted to prevent future activity by this individual in the state's securities industry,” Attorney General Anne Milgram said. “Investors who sustained losses through his actions will be receiving partial restitution.”

D'Innocenzi, a former resident of Flemington, founded Spanlogix, a web site and e-learning development company, in August, 2001. Beginning in January, 2002, Spanlogix began offering and selling stock in itself to investors. A total of 438,040 shares of stock priced at $2 per share were sold to 83 investors, all of whom were residing outside the United States.

The stock was not registered for sale with the New Jersey Bureau of Securities as legally required. The state in its lawsuit alleged that D'Innocenzi and Spanlogix also violated state law by making material misrepresentations to investors about the purpose for raising capital through the stock sale.

Spanlogix never became profitable and more than $600,000 in investment capital was wired overseas to Thailand for what D'Innocenzi claimed were the corporation's outsourcing expenses.

“Potential investors should always check with us to verify that both the individual offering an investment for sale, as well as the stock or bond itself, is registered in New Jersey,” said Vincent J. Oliva, Chief of the Bureau of Securities. “A few minutes spent checking with us can save a financial nest egg amassed over a lifetime.”

Each investor will receive a pro rata share of the $200,000 paid by D'Innocenzi.

In addition to the civil penalty and restitution order assessed against D'Innocenzi, Spanlogix has been assessed $676,080 in restitution but the company does not have any assets to pay restitution.

A second defendant in this matter, Jenny B. Kotowich (aka Jenny B. Wan) of Philadelphia, last September agreed to pay $75,000 in civil penalties. Kotowich, an officer of Spanlogix, also was permanently enjoined from working in the New Jersey securities industry.

The investigation was conducted by Investigators Thomas LaGreca Jr. and Michael LaChapelle of the Bureau of Securities. Deputy Attorney General Megan J. Harris represented the state in the civil litigation.

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


Contact Us | Privacy Notice | Legal Statement | Accessibility Statement
division: dca home | complaint forms | licensing boards | adoptions | proposals | minutes | consumer protection
departmental: lps home | contact us | news | about us | FAQs | library | employment | programs and units | services a-z
statewide: nj home | my new jersey | people | business | government | departments | search
Page last modified:
New Jersey Home My New Jersey People Business Government Departments