JERSEY CITY – The New Jersey Bureau of Securities has revoked the agent registration of Evan M. Kochav of Jersey City, and assessed a $2 million penalty against him and his Red Bank-based business, White Cedar Group, LLC.
The bureau ruled on Oct. 17 that Kochav and White Cedar Group allegedly defrauded investors with an elaborate web of false statements and that they allegedly misused investor funds by spending their money at casinos and on poker websites, football tickets, and other personal expenses.
“The Bureau of Securities found that Kochav developed an elaborate fraud that may have appeared perfectly legitimate to the investors he deceived,” Acting Attorney General John J. Hoffman said. “This action will bar Kochav from ever again selling securities in New Jersey.”
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