A Jersey City financial consultant accused of spending investors' money on gambling, football tickets and other personal expenses, was fined $2 million by the state and can no longer sell securities in the Garden State.
Acting Attorney General John Hoffman says Evan M. Kochav got people to invest in his company and pay for investment advice, then used their money at casinos in New Jersey, Costa Rica, and Florida, and on gambling websites.
Contact information for Kochav wasn't immediately available.
Hoffman says Kochav set up a company in New Jersey in June 2013 after he was fired by an Illinois-based broker-dealer firm for violating policies.
Kochav's company raised at least $101,802 even though the securities weren't properly registered. Hoffman says the company created fictitious account statements to keep investors from learning about the alleged scheme.
