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Fair Lawn man, NY associate facing civil action by NJ AG for defrauding investor

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Fair Lawn man, NY associate facing civil action by NJ AG for defrauding investor



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A Bergen County man and his New York business associate are facing a civil enforcement action filed by the New Jersey Bureau of Securities with the Division of Consumer Affairs for defrauding at least one New Jersey investor in an investment scheme tied to a job recruiting software service that they were allegedly trying to grow, according to the New Jersey Office of the Attorney General.

Michael Lakshin. of Fair Lawn, and Edward Aizman. of Brooklyn, as well as their company Bowmo, Inc. used “fraud and deception,” allegedly convincing one of Lakshin’s childhood friends to liquidate her retirement fund and invest in their start-up business venture, according to a civil complaint filed in Bergen County on Friday. They then allegedly diverted most of the funds for their own personal use including cash advances, hotel stays and purchases at car dealerships and designer stores among other expenditures.

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“The defendants in this case shamelessly bankrolled their lavish lifestyles with someone else’s hard-earned retirement savings,” said Attorney General Matthew J. Platkin. “The lawsuit announced today sends a clear message that this kind of blatant exploitation of investors will not go unpunished in New Jersey.”

The complaint alleges, according to the Office of the Attorney General, that from April through August 2020, Lakshin, Aizman and Bowmo (through Lakshin and Aizman), offered and sold at least $84,681.19 of Bowmo’s securities in the form of a convertible note to at least one NJ investor.

They told the investor that the Bowmo note was an investment opportunity which would provide her a “significantly higher return” than her retirement savings. They allegedly told her that Bowmo was successful, bringing in a lot of money through its success and that she could profit by investing her funds into the company.

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Lakshin also allegedly leveraged their childhood connection to convince her to invest. After learning about the investor’s retirement account, Lakshin allegedly pressured her to liquidate the account for the purpose of buying the Bowmo note.

Lakshin assured the investor that she would “realistically” be able to earn “A MUCH GREATER return,” through a series of text messages, falsely informed the investor that she should not have any taxes or penalties withheld when withdrawing funds from her account, and assured her that Bowmo would reimburse her for any taxes or penalties that would have to be paid as a result of the liquidation.

On June 25, 2020, the investor liquidated her retirement account. This liquidation included two charges and exposed her to paying taxes on the funds as she was not “rolling them over to another qualified retirement plan,” according to the Office of the Attorney General .

On July 2, 2020, the investor met with Lakshin and Aizman and signed a Bowmo subscription agreement. She wired $84,681.19 from her bank account to a Bowmo bank account controlled by Lakshin and Aizman later that month.

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A Bowmo investor package provided to the investor prior to investing said that funds would be used to further develop Bowmo’s software, expand its marketing business, and make strategic hires among other business-related ventures.

Instead, the defendants allegedly transferred the funds to bank accounts held by a seperate and unrelated entity and misused the funds by diverting them for personal and non-business-related purposes.

The lawsuit seeks a court order to permanently ban Bowmo, its president and chairman Lakshin, and its founder and CEO Aizman, from issuing, offering, or selling securities in New Jersey, according to the Office of the Attorney General. It also asks the court to assess civil monetary penalties, restitution plus interest and expenses for the victim, and disgorgement of all funds and profits gained from the scheme.

According to Bureau Chief Elizabeth M. Harris, this case “serves as a sobering example of why it’s vitally important to investigate investment products, even those offered by someone you know and trust.”

She continued, “It’s also an opportunity to remind our residents that while fraudulent investment schemes come in a variety of forms, the pressure to act fast to avoid missing out on a hot investment is a universal red flag of fraud that should not be ignored. In addition to doing their due diligence before investing, we urge New Jerseyans to follow their instincts when a transaction doesn’t pass the smell test.”

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Investors can obtain information about any financial professional doing business to or from New Jersey by visiting the Bureau’s website at www.NJSecurities.gov, or calling the Bureau within New Jersey at 1-866-446-8378 or from outside New Jersey at 973-504-3600.



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New Jersey

Federal education funds hang in the balance for Pa. and N.J.

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Federal education funds hang in the balance for Pa. and N.J.


From Philly and the Pa. suburbs to South Jersey and Delaware, what would you like WHYY News to cover? Let us know!

President Donald Trump signed an executive order last night calling for the dismantling of the Department of Education. Today, he said that he would transfer key responsibilities of the agency to other departments. It’s unclear whether those changes are possible without Congressional approval.

Trump’s executive order calls upon Education Secretary Linda McMahon “to the maximum extent appropriate and permitted by law, take all necessary steps to facilitate the closure of the Department of Education” while still “ensuring the effective and uninterrupted delivery of services, programs, and benefits on which Americans rely.”

“I think of it as an announcement of his policy priorities,” Brookings education and inequality researcher Rachel Perera said of the executive order. “They’re certainly testing the boundaries in terms of how much they can reshape the work of the department.”

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Trump and McMahon have repeatedly stated that critical funding streams that schools rely on will continue to flow to states. But experts say that promises to move these programs out of the Education Department and into other departments, as well as the 50% staffing cuts seen last week, threaten the security of those dollars.

What could be the potential impact on Pennsylvania and New Jersey?

Pennsylvania’s public schools receive about $4.67 billion in federal funding. New Jersey receives about $1.2 billion. That includes funding under Title I, which supports schools in low-income communities, as well as the Individuals with Disabilities Education Act, also known as IDEA, which distributes funding for special education and related services for children with disabilities.

Thousands of jobs are reliant on these funding streams. According to Philadelphia Federation of Teachers President Arthur Steinberg, 1,449 jobs in Philadelphia alone are funded by Title I and the IDEA. New Jersey’s Education Law Center Executive Director Robert Kim said that 18,000 teaching jobs in New Jersey would be affected if federal education programs stopped operating.

“The idea that they would all still be operational, and that there would not be disruptions, delays or cancellations of a lot of these funding streams, is absolutely a fantasy,” Kim said.



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11 injured as tree falls onto NJ school bus

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11 injured as tree falls onto NJ school bus


A large tree fell onto a school bus in New Jersey Friday morning, sending 11 people to the hospital.

The bus was driving in Tewksbury Township when the crash occurred, according to Whitehouse Rescue Squad.  Photos provided by emergency rescue teams show severe damage to the front cab of the bus.

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Medics took 11 people on board to a local hospital for treatment of minor injuries, officials said.  There, injured students were reunited with their parents.

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There is no word yet on what caused the tree to fall, but winds were breezy at the time of the crash, gusting between 30-40 mph, according to a weather station in Readington. 

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Advocates Demand New Jersey Agencies Cough Up Congestion Pricing Data – Streetsblog New York City

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Advocates Demand New Jersey Agencies Cough Up Congestion Pricing Data – Streetsblog New York City


Open your hearts and open your data.

NJT and the Port Authority need to cough up some actually useful post-congestion pricing travel data so the public has a full picture of the new toll’s impact on the region, advocates on both sides of the Hudson River said on Thursday.

In a pair of letters sent to the leadership of the Port Authority of New York and New Jersey and NJ Transit, the so-called “Sunshine Coalition” of more than 30 organizations from both the Garden State and Empire State asked agencies under control or partial control of Gridlock Gov. Phil Murphy for data on travel patterns since the toll launched in January, including:

  • Daily and weekly ridership data from every NJ Transit train, bus, and para-transit line — including crossings into the congestion relief zone, ideally broken out by hour.
  • Daily and weekly vehicle use on the mainline of the New Jersey Turnpike and Garden State Parkway, broken down by type of vehicle, exit and time of day. 
  • Daily and weekly revenue data for the Turnpike and Garden State Parkway, broken down by toll plaza and exits.
  • All available vehicular-caused air pollution data statewide, broken out by county.
  • Daily and weekly ridership data on PATH trains, buses and para-transit for 2023, 2024 and 2025, separated out by line and by time of day.
  • On-time performance for PATH trains and buses and customer journey and travel times for 2023, 2024 and 2025. 
  • Daily and weekly vehicle crossing data, broken down by type of transportation and hour, from every Port Authority bridge and tunnel for 2023, 2024 and 2025. This data should include crossings into the Manhattan congestion relief zone.

The data is more necessary than ever as officials seek to evaluate the impact of congestion pricing on travel times and travel patterns in the New York City region. The MTA, which operates congestion pricing, has filled much of that picture on its own — the data under New Jersey’s control is the missing link.

“We’ve been hearing a lot from commuters traveling from New Jersey into Manhattan about their commutes, but we don’t have the full picture because we don’t have all the data,” said Tri-State Transportation Campaign Director of Climate and Equity Policy Jaqi Cohen.

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“We have a lot of data from the MTA, and we know that [the Port Authority and NJ Transit] are collecting this data,” Cohen said. “Obviously, it’s early in the program, but we still think that having that data can better inform transportation decisions that are made across the state.”

New Jersey Gov. Phil Murphy opposed congestion pricing at every step of the way until its launch in January. Murphy lawsuit to stop the program on environmental impact grounds failed. Since its launch, he has sided with President Trump’s extra-legal effort to kill the toll.

Despite that, several New Jersey groups were among the 30 signatories on the letter calling for transparency — including New Jersey Policy Perspective, Make the Road NJ, NJ Sierra Club, New Jersey Bike & Walk Coalition, Environmental New Jersey, League of Women Voters NJ and more.

Other signatories included Reinvent Albany, Tri-State Transportation Campaign and the Regional Plan Association.

NJ Transit and the Port Authority do publish some user data, but it’s not shared in a way that anyone would call “open data” or classify as “ongoing” or “timely,” as the letters demand.

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The Port Authority, a bi-state agency jointly run by New York and New Jersey, publishes average PATH train ridership by hour for every month, but on a delay in PDF form. Port bridge and tunnel crossing volumes are also eventually published, but also only in PDF form and on a delay.

The agency says this is in order to better reconcile the data. Advocates say that the agency needs to speed up the process.

“I think it’s a matter of priorities.The MTA has actually been releasing the crossing data for a long time, this isn’t some new effort,” said Reinvent Albany Senior Policy Advisory Rachael Fauss. “It’s just a matter of publishing it. Whatever reconciling needs to be done shouldn’t take months.”

NJ Transit fares even worse. The agency buries its ridership and revenue figures in a single annual report, while its “Performance by the Numbers” page only shares on-time performance by mode rather than route.

The MTA, in contrast, has been pumping out extraordinarily specific open data sets since congestion pricing began, including an interactive website that shows how many vehicles enter the tolling zone, broken down by type of vehicle, entry location and time of day. The MTA also publishes many more open data streams — including one that lists bridge and tunnel traffic broken down by crossing, time of day and vehicle type.

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It wasn’t always that way at the MTA, however. The authority yielded to public pressure to allow for a more thorough look at what was going on, Cohen said.

“The MTA didn’t always release this data, there was a lot of advocacy around getting them to be more transparent in their operations, and they were pushed in the right direction,” she said. “I think that the agencies on the other side of the river need to be pushed in the right direction as well.”

More transparency at the agencies would also prevent concern-trolling stunts like Murphy’s recent letter to the Port Authority demanding the agency — which, recall, he half-controls — provide data to show that congestion pricing was hurting the agency.

“Murphy asked for all that data and it was ridiculous, because you control the Port Authority. So it’s just the basic principle that the MTA has daily ridership and bridge crossing data. Why doesn’t the Port Authority,” said Fauss.

Port Authority spokesman Seth Stein said the agency is reviewing the letter. Reps for NJ Transit did not return a request for comment.

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