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Alert
On January 16, 2024, Governor Phil Murphy signed the New Jersey Data Privacy Law, P.L. 2023, c. 266. The law went into effect on January 15, 2025. Please click on this Frequently Asked Questions link to learn more about the new law and your rights under it.
Alert
On January 8, 2024, Governor Murphy signed into law P.L. 2023, c. 237, which, among other things: amended the Contractors’ Business Registration Act (“CBRA,” formerly the “Contractors’ Registration Act”), N.J.S.A. 56:8-136 et seq., and created the “Home Improvement and Home Elevation Contractor Licensing Act,” N.J.S.A. 45:5AAA-1 et seq. For more information on the registration requirements for contractors and businesses under these laws, click here.
Alert
On July 10, 2024, Governor Murphy signed into law the Real Estate Consumer Protection Enhancement Act, P.L. 2024, c.32, which, among other things, requires sellers of residential property located in New Jersey to use the "Seller's Property Condition Disclosure Statement" ("Disclosure Statement," questions 1 through 108).

Additionally, on July 3, 2023, Governor Murphy signed into law P.L. 2023, c.93, which, among other things, requires sellers of all real property located in New Jersey to make certain additional disclosures concerning flood risks on the "Disclosure Statement." On July 15, 2024, the Division published a "Flood Risk Addendum" to the Disclosure Statement (questions 109 through 117), which includes the additional disclosures concerning flood risks.

As a result of these two laws, effective August 1, 2024:
  • Sellers of residential property must complete the Disclosure Statement (questions 1 through 108). A copy of the Disclosure Statement is available here; and
  • All sellers of real property, both residential and non-residential, must complete the Flood Risk Addendum to the Disclosure Statement (questions 109 through 117). A copy of the Flood Risk Addendum is available here.

The Division has created an instruction sheet with additional information regarding the use of these forms. The forms linked above supersede any forms previously posted by the Division, including, but not limited to, the "Amended Disclosure Statement" posted on December 21, 2023.

Press Release


For Immediate Release:
April 2, 2015

Office of The Attorney General
John J. Hoffman, Acting Attorney General

Division of Consumer Affairs
Steve C. Lee, Acting Director

Bureau of Securities
Laura H. Posner, Chief
  For Further Information and Media Inquiries:
Jeff Lamm
Neal Buccino
(973) 504-6327

New Jersey Bureau of Securities Revokes Registration of Financial Agent Who Defrauded Elderly Investor

View Complaint

NEWARK – The New Jersey Bureau of Securities has revoked the registration of a financial agent and also ordered him to pay $200,000 in civil penalties after an investigation revealed that he had exploited a 30-plus year business relationship and had defrauded the now-elderly client.

Unbeknownst to the victim, Ronald Paul Rafaloff, of the Bronx, New York, used the $405,000 invested by the victim to fund companies that he founded and controlled.  The victim was Rafaloff’s sole client.  To orchestrate his fraud and to earn the trust of his victim, Rafaloff befriended the victim – offering to run errands for her, taking her to dinner and accompanying her to medical appointments – and promised her “capital appreciation” of 30% to 40% with a personal guarantees on the securities.

“Rafaloff exploited the trust the victim placed in him, for his own personal enrichment,” Acting Attorney General John J. Hoffman said.  “Even in a long-term relationship, investors must practice due diligence and be vigilant, particularly when they are guaranteed high rates of return.”

“We’re focused on educating senior citizens about fraud.  We want senior citizens to know the warning signs of potential financial fraud so they can avoid becoming victims,” said Steve Lee, Acting Director of the Division of Consumer Affairs.

“Elderly investors, like Rafaloff’s victim here, need to be especially wary of investment fraud,” said Laura H. Posner, Chief of the New Jersey Bureau of Securities.  “Unfortunately, the elderly are often the targets of financial fraud, particularly those elderly individuals who have spent a lifetime saving for their and their family’s financial future.”

The Bureau’s investigation found that Rafaloff committed multiple violations of the state’s Uniform Securities Law, including filing a false application with the Bureau by not disclosing his business interests, making untrue statements or omitting material facts to the victim, and engaging in dishonest or unethical business practices.

The investigation of this matter was conducted by Supervising Investigator Michael McElgunn and Investigators Richard Smullen and Thomas Della Torre in the Bureau of Securities.

Deputy Attorneys General Martin Gandelman and Patrice Andrews in the Securities Fraud Prosecution Section in the Division of Law assisted the Bureau in this matter.

The Bureau can be contacted toll-free within New Jersey at 1-866-I-INVEST (1-866-446-8378) or from outside New Jersey at 973-504-3600.  The public is encouraged to visit the Bureau’s website at www.njsecurities.gov .

Follow the Division of Consumer Affairs on Facebook , and check our online calendar of upcoming Consumer Outreach events.

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Last Modified: 4/7/2015 10:15 AM