Business Who Received Multiple MCAs is Charged by NJ AG

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New Jersey State Attorney General Gurbir S. Grewal and the New Jersey Bureau of Securities within the Division of Consumer Affairs is suing Owusu A. Kizito and his business Investigroup, LLC. Regulators allege that “he defrauded at least 57 investors out of nearly $2.2 million through the fraudulent sale of unregistered securities and then used much of the money for his own personal benefit, including payments for his Maserati.”

Among the allegations in the AG’s announcement is that the defendants used merchant cash advances which assigned away the company’s rights to its receivables and that it failed to disclose this material information to investors.

The full announcement can be viewed here.

Last modified: November 1, 2020

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