- Associated Press - Wednesday, September 30, 2015

NEWARK, N.J. (AP) - A former Monmouth County fire chief, his wife and their son have been ordered to pay $6.7 million in restitution to defrauded investors.

Acting Attorney General John Hoffman’s office said Tuesday that 56-year-old Vincent Falci, of Middletown, made false and misleading statements to 182 investors.

Falci, his wife Donna Falci and their son, Vincent Falci, of Wall Township, were part of a September 2014 lawsuit in which the bureau of securities accused them of telling investors that their money had been invested in tax lien certificates.

Officials say that only 3 percent of the investment money went into the certificates. They say the rest was used to buy seven homes, among other things.

Falci is also ordered to pay $800,000 in civil penalties.


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