Educational Services Commission of New Jersey surplus ballooned almost $70 million without a plan to use or return funds, state comptroller says

Educational Services Commission of New Jersey surplus ballooned almost $70 million without a plan to use or return funds, state comptroller says

ByKrystal Knapp

An audit showed that the Commission also improperly awarded $14 million in contracts without competition A Middlesex County-based cooperative that coordinates purchasing for school districts and municipalities across the state has amassed a surplus of $69.6 million with no official plan for how to use the money or return excess taxpayer funds to the school…

Flemington man pleads guilty in securities fraud scheme

ByKrystal Knapp

A Flemington man admitted to conspiring with a twice-convicted fraudster Eli Weinstein to defraud investors of more than $35 million, U.S. Attorney Philip Sellinger announced Wednesday. Christopher Anderson, 47, pleaded guilty before U.S. District Judge Michael Shipp in the U.S. District Court in Trenton federal court to one count of conspiracy to commit securities fraud….

U.S. Attorney: Gloucester City business owner sentenced to 30 months in prison for payroll tax fraud and pandemic loan fraud

ByKrystal Knapp

The owner of a business in Gloucester City was sentenced Tuesday to 30 months in prison for failing to pay over payroll taxes to the IRS, failing to file personal income tax returns, and fraudulently obtaining a Paycheck Protection Program loan, U.S. Attorney Philip R. Sellinger announced. John Degan, 69, of Philadelphia, Pa. previously pleaded…

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Know the background of your broker or investment adviser before you invest your money

ByKrystal Knapp

The New Jersey Bureau of Securities is charged with protecting investors from investment fraud and regulating the securities industry in New Jersey. You can obtain information, including the registration status and disciplinary history of any financial professional doing business in or from New Jersey, by contacting the Bureau toll-free within New Jersey at (866) 446-8378…

State comptroller: Decisions by New Jersey City University leaders thrust school into financial crisis

ByKrystal Knapp

Nearly a year before Jersey City-based New Jersey City University declared a financial emergency, top administrators prepared a budget showing a surplus even though they knew it contained a likely unlawful allocation of federal COVID-19 funds, a state official said Thursday. Improper budgeting caused a deficit of nearly $14 million by the end of the…