{"id":2781,"date":"2016-03-28T00:00:00","date_gmt":"2016-03-28T04:00:00","guid":{"rendered":"http:\/\/silverlaw.lawblogger.net\/blog\/sec-halts-fraud-new-jersey-based-fund-manager-investments-pre-ipo-tech-companies\/"},"modified":"2018-10-08T12:39:36","modified_gmt":"2018-10-08T16:39:36","slug":"sec-halts-fraud-new-jersey-based-fund-manager-investments-pre-ipo-tech-companies","status":"publish","type":"post","link":"https:\/\/www.silverlaw.com\/blog\/sec-halts-fraud-new-jersey-based-fund-manager-investments-pre-ipo-tech-companies\/","title":{"rendered":"SEC Halts Fraud by New Jersey-Based Fund Manager of Investments in Pre-IPO Tech Companies"},"content":{"rendered":"<\/p>\n

The Securities and Exchange Commission announced<\/a> fraud charges and asset freezes obtained in a case filed on March 21, 2016 against a New Jersey-based fund manager and two firms he controls for orchestrating a Ponzi<\/a>-like scheme that marketed shares in promising pre-IPO technology companies in the Bay Area.<\/p>\n

The SEC alleges in its complaint<\/a> that John Bivona raised over $53 million through Saddle River Advisors and SRA Management Associates (collectively, the \u201cSRA Funds\u201d) and used the assets to pay off earlier investors, establish and fortify other funds, and pay family-related expenses.\u00a0 The complaint also alleges that Bivona stole over $5.7 million from investors and diverted millions more to other improper and undisclosed uses.<\/p>\n

According to the complaint, much of the funds were diverted to Bivona\u2019s nephew, Frank Mazzola, who was barred from the securities industry in a prior SEC enforcement action<\/a> and is also charged in the complaint. \u00a0The diverted funds were used to pay, among other things, credit card bills, income taxes, a car loan, unrelated defense attorney fees, and the mortgage on a Jersey Shore vacation home, according to the complaint.<\/p>\n

Continue reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

The Securities and Exchange Commission announced fraud charges and asset freezes obtained in a case filed on March 21, 2016 against a New Jersey-based fund manager and two firms he controls for orchestrating a Ponzi-like scheme that marketed shares in promising pre-IPO technology companies in the Bay Area. The SEC alleges in its complaint that […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[578,595,583],"tags":[362],"class_list":["post-2781","post","type-post","status-publish","format-standard","hentry","category-all-releases","category-investment-fraud","category-sec-actions","tag-sra-funds-fraud"],"yoast_head":"\nSEC Halts Fraud by New Jersey-Based Fund Manager of Investments in Pre-IPO Tech Companies — Securities Arbitration Lawyers Blog — March 28, 2016<\/title>\n<meta name=\"description\" content=\"If you invested in any of the SRA Funds or with John Bivona or Frank Mazzola, contact Silver Law Group today to discuss your options.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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