By John Burton
NEWARK – State financial regulators have filed suit against a Middletown man, a former Monmouth County fire chief, alleging he defrauded investors out of millions.
The state Bureau of Securities has filed a seven-count suit in state Superior Court in Freehold against Vincent Falci, 55, and the various investment companies he operated, accusing him of defrauding 182 investors out of $5.4 million by selling them unregistered securities.
Along with filing the suit, the bureau revoked the exemptions Falci could rely on to operate in the state’s securities industry without registration, according to the state Attorney General’s Office.
State authorities said Falci, who formerly served as a fire chief with Monmouth County, allegedly told investors he would primarily be investing their money in tax lien certificates. Falci, however, used the money to, among other things, purchase five houses initially deeded to either himself or his wife, and for other undisclosed purposes, the complaint alleges.
The suit alleges Falci committed multiple violations of the state Uniform Securities Law by Falci, including his being unregistered to conduct business when the alleged violations occurred between 2006-2009, authorities said.
The state’s suit is seeking full restitution for investors as well as the imposition of monetary penalties, according to the attorney general’s office.
The state’s Division of Law filed the suit on behalf of the bureau of securities and will represent the bureau in this matter, the attorney general’s office said.
By John Burton
NEWARK – State financial regulators have filed suit against a Middletown man, a former county fire chief, alleging he defrauded investors out of millions.
The state Bureau of Securities has filed a seven-count suit in state Superior Court in Freehold against Vincent Falci, 55, and the various investment companies he operated, accusing him of defrauding 182 investors out of $5.4 million by selling them unregistered securities.
Along with filing the suit, the bureau revoked the exemptions Falci could rely on to operate in the state’s securities industry without registration, according to the state Attorney General’s Office.
State authorities said Falci, who formerly served as a fire chief with Monmouth County, allegedly told investors he would primarily be investing their money in tax lien certificates. Falci, however, used the money to, among other things, purchase five houses initially deeded to either himself or his wife, and for other undisclosed purposes, the complaint alleges.
The suit alleges Falci committed multiple violations of the state Uniform Securities Law by Falci, including his being unregistered to conduct business when the alleged violations occurred between 2006-2009, authorities said.
The state’s suit is seeking full restitution for investors as well as the imposition of monetary penalties, according to the attorney general’s office.
The state’s Division of Law filed the suit on behalf of the bureau of securities and will represent the bureau in this matter, the attorney general’s office said.
