Former Monmouth Fire Chief Accused of Investor Fraud

A former Monmouth County fire chief is being taken to court by the New Jersey Bureau of Securities, accused of massive investor fraud.

Vincent Falci, 55, of Middletown, allegedly convinced 182 investors to sink about $5,400,000 into tax lien certificates but used only about three percent of it for that purpose, according to information from the office of acting New Jersey Attorney General John J. Hoffman's office.

Prosecutors contend that Falci spent the rest lavishly. Among the alleged purchases are five homes initially deeded either to himself or to his wife.

Falci is also accused of manufacturing bogus annual investor updates. He admitted that investors weren't aware that the rate of return in his promotional materials was hypothetical, authorities said.

In filing the seven-count complaint in New Jersey Superior Court in Freehold, the Bureau of Securities revoked Falci's exemption to trade in securities in the state without registration. The state seeks full restitution to all investors, plus monetary civil penalties.

Officials charge Falci with violations of the Uniform Securities Law, including lack of registration during the time of the alleged violations from 2006 to 2009.

Anyone with concerns about investment come-ons can reach the Bureau of Securities at 1-866-I-INVEST (1-866-446-8378). Outside New Jersey, the number is 973-504-3600. Learn more at the Bureau's web page.