- Associated Press - Friday, October 17, 2014

NEWARK, N.J. (AP) - The state has revoked the registration of a Jersey City financial consultant and fined him $2 million after they say he spent investors’ money on gambling, football tickets and other personal expenses.

Acting Attorney General John Hoffman says Evan Kochav got people to invest in his company and pay for investment advice and 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.

He says White Cedar Group 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 scam.

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