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Topics AP

NJ company sued by state for securities fraud

By AP | July 19, 2011

ALLENDALE, N.J. (AP) — Prosecutors say the owners of a New Jersey-based biotech products company misused more than $2 million of its investors' money to fund a lavish lifestyle.

The state attorney general has filed suit against Energex systems; its top executive Thomas Fagan; his wife, Candace, and two other business entities they control — Arbios Acquisition Partners and Arbios Systems. The Allendale-based companies were registered or formed in Delaware.

Attorney General Paula Dow says the company defrauded nearly 800 investors out of roughly $9.5 million. The suit claims Thomas Fagan wasn't registered with the state Bureau of Securities when he sold unregistered stock and allegedly misused invested funds.

Thomas Fagan said he was proud of the companies he's built and was disappointed that Dow had rejected his offer to fully refund investors.

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