AG Davenport announced that the New Jersey Bureau of Securities (Bureau) within the Division of Consumer Affairs (Division) filed a lawsuit against a former Princeton, New Jersey resident who allegedly defrauded investors out of at least $2.5 million and misused investor funds to support his lavish lifestyle. Xiao (Mark) Hu offered and sold unregistered, fraudulent securities to at least 15 investors, including at least nine New Jersey residents. Hu also commingled investor funds with funds in his personal bank accounts and misappropriated at least $280,000 for his personal benefit, including the purchase of a new home in Florida and a tropical vacation and payment of his children’s private school and college tuition.   

“Our lawsuit alleges that Mark Hu exploited investors’ trust, swindling them and diverted their money for his own personal gain instead of legitimate business purposes. My office will continue holding bad actors accountable and safeguarding the financial security of all New Jerseyans.” -AG Davenport