Business ProfileforInvestigroup LLC
Current Alerts For This Business
The following describes a pending government action that has been formally brought by a government agency but has not yet been resolved. We are providing a summary of the governments allegations, which have not yet been proven.
OCtober 28, 2020 - NEWARK Attorney General Gurbir S. Grewal and the New Jersey Bureau of Securities within the Division of Consumer Affairs today announced that the Bureau has filed a seven-count suit against a Union County financial consultant and his company, alleging he defrauded at least 57 investors out of nearly $2.2 million through the fraudulent sale of unregistered securities and then used much of the money for his own personal benefit, including payments for his Maserati.
Owusu A. Kizito, of Hillside, is alleged to have fraudulently sold the unregistered securities to his clients as investments in his business, Investigroup, LLC, a NJ-based management consulting firm, which he claimed had offices in New York, Oman, China, and Ghana.
Kizito allegedly diverted at least $960,500 into the bank account of his unrelated non-profit, Investigroup NP, and also used investors’ funds to make large cash withdrawals, payments for personal credit cards, payments for his home mortgage and property taxes, and payments for his luxury sports car.
The State’s lawsuit, filed in Superior Court in Union County yesterday, alleges that defendants Kizito and Investigroup, through Kizito, violated the anti-fraud and registration provisions of the New Jersey Uniform Securities Law. The suit also names Investigroup NP as a nominal defendant, alleging that Investigroup NP unjustly benefitted from the diversion of funds into its bank account, and seeks to have those funds disgorged.
The State also asked the Court for temporary restraints and preliminary injunctive relief to stop Kizito and Investigroup from engaging in the offer and sale of securities, or acting in any capacity in the securities industry.
At-a-glance
Related Categories
Overview
Business Details
This is a multi-location business.
- Location of This Business
- 1282 Liberty Ave, Hillside, NJ 07205-2034
- BBB File Opened:
- 3/31/2008
- Years in Business:
- 18
- Business Started:
- 3/3/2006
- Business Started Locally:
- 1/31/2007
- Business Incorporated:
- 3/3/2006
- Licensing Information:
- This business is in an industry that may require professional licensing, bonding or registration. BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met.BBB records show a license number of 1084753 for this business, issued by State Department of Banking & Insurance
These agencies may include:
State Department of Banking & Insurance
20 West State Street, CN-040
Trenton NJ 08625
- Type of Entity:
- Limited Liability Company (LLC)
- Business Management
- Mr. Owusu Kizito, President
- Contact Information
Principal
- Mr. Owusu Kizito, President
Customer Contact
- Mr. Owusu Kizito, President
Customer Complaints
0 Customer Complaints
Need to file a complaint? BBB is here to help. We'll guide you through the process. How BBB Processes Complaints and Reviews
File a ComplaintBBB Business Profiles may not be reproduced for sales or promotional purposes.
BBB Business Profiles are provided solely to assist you in exercising your own best judgment. BBB asks third parties who publish complaints, reviews and/or responses on this website to affirm that the information provided is accurate. However, BBB does not verify the accuracy of information provided by third parties, and does not guarantee the accuracy of any information in Business Profiles.
When considering complaint information, please take into account the company's size and volume of transactions, and understand that the nature of complaints and a firm's responses to them are often more important than the number of complaints.
BBB Business Profiles generally cover a three-year reporting period. BBB Business Profiles are subject to change at any time. If you choose to do business with this business, please let the business know that you contacted BBB for a BBB Business Profile.
As a matter of policy, BBB does not endorse any product, service or business. Businesses are under no obligation to seek BBB accreditation, and some businesses are not accredited because they have not sought BBB accreditation.