UPPER SADDLE RIVER, N.J. (AP) - A federal judge in California has denied a New Jersey man’s request to unfreeze his family’s assets while a $5.7 million fraud case proceeds against him and his uncle.
Federal authorities say Park Ridge fund manager John Bivona and his companies used millions from investors for improper uses, including paying off other investors and covering his nephew Frank Mazzola’s car loan and vacation home mortgage.
Authorities say both men solicited investor funds and are seeking to bar them from the securities business.
The Record reports (https://bit.ly/1sReaXj ) a federal judge on Wednesday denied Mazzola’s request to release roughly $13,000 a month for living expenses and more than $35,000 for mortgage and car payments.
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Information from: The Record (Woodland Park, N.J.), https://www.northjersey.com
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