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Policy: Law

N.J. AG settles with two who allegedly sold unregistered securities

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New Jersey,Law,Legal Newsline
Hoffman

Hoffman

NEWARK, N.J. (Legal Newsline) – New Jersey Acting Attorney General John Hoffman announced a settlement on Friday with two individuals who allegedly sold unregistered securities in violation of the state’s Uniform Securities Law.

Patrick Gainey and Anthony Uva allegedly sold unregistered securities issued by Branded Marketing LLC or Branded Marketing Inc. between 2007 and 2010. Gainey worked as the company’s manager of investor relations and Uva worked as its chief marketing officer. Hoffman’s office alleged Gainey and Uva were not registered with the New Jersey Bureau of Securities and sold security interests in Branded Marketing that were also not registered with the Bureau.

“Through this litigation, we’re working to get hard-earned money back to investors in Branded Marketing,” Hoffman said. “These settlements represent the hard-earned results of those efforts.”

Under the terms of the settlement, Gainey must pay $110,000 in restitution. Uva has already paid $15,000 in restitution and $5,000 in civil penalties. A $28,000 civil penalty against Gainey is suspended but will become payable if he fails to meet the restitution payment plan or violates the terms of the consent order.

A civil complaint remains pending against Richard Jackowitz, the former president and CEO of Branded Marketing. Jackowitz allegedly told prospective investors that Branded Marketing would launch a prepaid debit card with international calling features. His fundraising efforts raised at least $3 million from investors. Jackowitz allegedly misused investor funds for personal enrichment.

Jackowitz was recently sentenced to 18 months in prison for allegedly filing false income tax returns that failed to report income from Branded Marketing.

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