Investor Fraud Costs $100K in Camden County
A Haddon Township man has been hit with a $100,000 civil penalty for defrauding investors who purchased promissory notes from him.
The New Jersey Division of Consumer Affairs' Bureau of Securities, located within the State Office of the Attorney General, revealed that 67 year old Stanley Rosenzweig used the money raised from investors for personal benefit - rent, dental expenses, jewelry, paying for a family vacation and an Audi automobile for his daughter. The raised funds were "said" to implement the business plan of qNETIQ, a company Rosenzweig founded.
Rosenzweig defrauded more than 50 individuals who collectively invested approximately $1 million, according to the Bureau.
“Financial scams remain the leading white-collar crime across the nation. A lifetime of savings can be wiped out in an instant, and we continue our efforts to educate and empower investors against financial frauds,” said Attorney General Jeffrey S. Chiesa.