Management Consultant
Investigroup LLCInformation and Alerts
Service Area
- NJ
- NY
Alert Details
This business has 1 alert.
Government Action: BBB reports on known government actions involving business’ marketplace conduct:
State Complaint
The following describes a pending government action that has been formally brought by a government agency but has not yet been resolved. We are providing a summary of the governments allegations, which have not yet been proven.
OCtober 28, 2020 - NEWARK Attorney General Gurbir S. Grewal and the New Jersey Bureau of Securities within the Division of Consumer Affairs today announced that the Bureau has filed a seven-count suit against a Union County financial consultant and his company, alleging 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.
Owusu A. Kizito, of Hillside, is alleged to have fraudulently sold the unregistered securities to his clients as investments in his business, Investigroup, LLC, a NJ-based management consulting firm, which he claimed had offices in New York, Oman, China, and Ghana.
Kizito allegedly diverted at least $960,500 into the bank account of his unrelated non-profit, Investigroup NP, and also used investors’ funds to make large cash withdrawals, payments for personal credit cards, payments for his home mortgage and property taxes, and payments for his luxury sports car.
The State’s lawsuit, filed in Superior Court in Union County yesterday, alleges that defendants Kizito and Investigroup, through Kizito, violated the anti-fraud and registration provisions of the New Jersey Uniform Securities Law. The suit also names Investigroup NP as a nominal defendant, alleging that Investigroup NP unjustly benefitted from the diversion of funds into its bank account, and seeks to have those funds disgorged.
The State also asked the Court for temporary restraints and preliminary injunctive relief to stop Kizito and Investigroup from engaging in the offer and sale of securities, or acting in any capacity in the securities industry.
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