Bergen Father And Son Face Jail Time For Running 2 Fraud Schemes

A Bergen County father and son face years in prison after they pleaded guilty to defrauding elderly investors of millions of dollars through two successive scams, said New Jersey Attorney General Gurbir Grewal.

George Bussanich Sr., 60, of Park Ridge, pleaded guilty to conspiracy to commit securities fraud and money laundering before Bergen County Superior Court Judge Margaret Foti Tuesday.

George Bussanich Jr. 39, of Saddle River, who solicited investor funds with his father and mother, Wilma Bussanich, 58, pleaded guilty to second-degree securities fraud and second-degree money laundering, Grewal said. (See related: Father, Mother And Son Indicted For Allegedly Running $7M Investment Schemes)

The father and son defrauded 26 investors of more than $4 million involving the Metropolitan Ambulatory Surgery Center LLC. The center was a holding company Bussanich Sr. controlled. Then, in a second scheme, they defrauded more than $3 million from 15 of the investors and again used the funds for personal expenses, Grewal said.

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, authorities previously announced.

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

Authorities recommended Bussanich Sr. be sentenced to 10 years in state prison and Bussanich Jr. to eight. Wilma Bussanich, who pleaded guilty to third-degree money laundering, faces a probation sentence.

Bussanich Sr., Wilma Bussanich, and Bussanich must pay full restitution to the victims, Grewal said.

Four other defendants previously pleaded guilty to charges filed in the case and face probation sentences: Bryan Nazor, 47, of Chestnut Ridge, New York, an attorney; Heidi Francavilla, 60, of Park Ridge; Robert Schooley, 67, of Park Ridge, an accountant; and Christopher Hanna, 37, of Parlin.

All but Nazor pleaded guilty to money laundering. Nazor pleaded guilty to conspiracy and theft, Grewal said.

"These guilty pleas ensure that this father and son will face substantial prison sentences for their schemes, in which they ruthlessly stole the life savings of elderly investors to bankroll their own expensive homes, high-end cars, and luxury dining and travel," said Grewal. "What makes this case even more egregious is that they defrauded many of the same elderly retirees a second time after the first scheme was exposed, playing on their desperation to recover their lost savings."

Email: daniel.hubbard@patch.com