Father, Mother And Son Indicted For Allegedly Running $7M Investment Schemes

Eight people, including a father, mother and son, were indicted Friday on charges they allegedly defrauded 26 investors of more than $7 million through two scams involving bogus investments.

A grand jury indicted George Bussanich Sr., George Bussanich Jr., and Wilma Bussanich on first-degree conspiracy, racketeering and several counts of money laundering charges, said Attorney General Christopher Porrino.

George Bussanich Jr. allegedly ran the schemes and solicited investor funds with his father and mother, Porrino said.

The family is accused of defrauding 26 investors of more than $4 million in notes involving the Metropolitan Ambulatory Surgery Center LLC.. The center was a holding company Bussanich Sr. controlled.

They allegedly made dividend payments to investors that were taken out of the initial investments in order to deceive them and make it appear the investment was profitable, Porrino said.

Instead, the family reportedly used the money to buy multiple homes, seven luxury cars, including two Maseratis and a Ferrari, and go on shopping sprees, dinners and trips, the attorney general said.

The state Bureau of Securities presented George Bussanich Sr. and George Bussanich Jr. from selling securities beginning in August 2014. But the next month, they allegedly solicited investments for a fake company called Global Fund Management with Robert G. Schooley, 65, of Park Ridge, the family's accountant, the attorney general said.

They allegedly defrauded more than $3 million from 15 of the 26 original investors and again used the funds for personal expenses, Porrino said.

Schooley and the following individuals were also charged with conspiracy, racketeering and multiple counts of money laundering:

• Heidi Francavilla, 58, of Park Ridge
• Bryan Nazor Esq., 45, of Chestnut Ridge New York
• Brendan M. Byrne, 45, of Paterson
• Christopher Hanna, 35, of Parlin

Liens were placed on George Bussanich Sr.'s Upper Saddle River home, along with two in Park Ridge and another in Emerson that are owned by a limited liability company Bussanich Sr. controls.

First-degree charges carry a maximum sentence of 10 to 20 years in state prison and a maximum fine of $200,000.

The case has been assigned to Bergen County Superior Court. The defendants will be ordered to appear at an arraignment. No arraignment date has been set.

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Photos: George Bussanich Sr., George Bussanich Jr., Wilma Bussanich, Heidi Francavilla, and Robert G. Schooley. — Courtesy of New Jersey Attorney General's Office