The U.S. Securities and Exchange Commission filed a securities fraud lawsuit against Anthony J. Mastroianni Jr. on Wednesday in New Jersey District Court. The suit stems from Mastroianni’s issuance of at least $1.2 million in promissory notes to investors to fund a purported plan of making profitable loans to other businesses. The complaint accuses Mastroianni of using investors’ money for personal and luxury expenses rather than business lending, resulting in a default on the promissory notes. Counsel have not yet appeared for the defendant. The case is 3:22-cv-05080, Securities and Exchange Commission v. Mastroianni Jr. et al.
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