Two unregistered investment counselors from the shore owe New Jersey a million dollars in civil penalties for running a Ponzi scheme on their investors, according to the New Jersey Bureau of Securities.

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Charles J. Boyer III, of Jackson, and James A. Wilson, of Spring Lake, were found to have committed multiple violations of New Jersey's Uniform Securities Law, according to information from the office of acting state Attorney General John J. Hoffman.

The pair operated Access Capital Education and Services Company, Access Capital Education and Services, LLC, and Access Capital Financial Services through offices in Jackson, Plainfield and Rahway

Investigators said they raised at least $342,000 from ten investors and moved about $177,000 of it into either Boyer's own bank account, or accounts in his and Wilson's control, for their own use.

Boyer and Wilson promised rates of return ranging from 10 percent to 120 percent per year, payable monthly, and led investors to believe that their principals could be repaid in full on demand, investigators said.

Wilson, Boyer and the companies are responsible for $400,000 of the penalties, and Boyer and the companies are accountable for the remainder, authorities said.

The New Jersey Bureau of Securities maintains information aimed at curbing financial fraud on its website. The Bureau's toll-free number in New Jersey is 1-866-INVEST (1-866-446-8378).

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