The New Jersey Bureau of Securities has ordered two shore-area residents to pay $1 million in civil penalties after a Bureau investigation revealed that they operated a Ponzi scheme and had defrauded investors.
Bureau Chief Laura H. Posner ordered Charles J. Boyer III, of Jackson, and James A. Wilson, of Spring Lake, to pay this civil penalty after finding that the two men committed multiple violations of the state’s Uniform Securities Law, while raising at least $342,000 from ten investors.
The two men, who were not registered with the Bureau and therefore not legally allowed to sell investments in New Jersey, transferred approximately $177,000 of investor funds into either Boyer’s personal bank account or accounts over which Boyer III and Wilson had control, for their own use, rather than investing the funds as represented to investors.
Boyer III and Wilson operated Access Capital Education and Services Company and Access Capital Education and Services, LLC, and also did business as Access Capital Financial Companies. They conducted business from offices in Jackson, Plainfield and Rahway.
The Bureau of Securities found that Boyer III and Wilson offered investors annual rates of return ranging from 10 percent up to 120 percent, payable monthly. They also represented that investors could receive full repayment of their principal upon demand, a claim that was not true.
Wilson, Boyer III, and their respective companies are jointly responsible for paying $400,000 of the civil penalty, with Boyer III and the companies responsible for paying an additional $600,000 civil penalty.
The Bureau can be contacted toll-free within New Jersey at 1-866-I-INVEST (1-866-446-8378) or from outside New Jersey at 973-504-3600. The public is encouraged to visit the Bureau’s website at www.njsecurities.gov.