the staff of the Ridgewood blog
Newark NJ, Attorney General Gurbir S. Grewal and the Bureau of Securities within the Division of Consumer Affairs today filed suit against a Middlesex County man and the various investment companies he operated, alleging he defrauded more than $1.3 million from 26 New Jersey investors who bought stock in his online gambling companies, and then used the money to bankroll his lavish lifestyle.
In a complaint filed in New Jersey Superior Court, the Bureau alleges that Sandy J. Masselli, Jr., of Old Bridge, New Jersey, told investors that the money they invested in his Carlyle Gaming & Entertainment Ltd, and its successor company, Carlyle Entertainment, Ltd. (collectively the “Carlyle Companies”) would be used for proper corporate purposes.
