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OFIR Orders End to Detroiter's Alleged Investment Scam


FOR IMMEDIATE RELEASE 
July 22, 2009 
Contact: Jason Moon  517-335-1700

LANSING - The Office of Financial and Insurance Regulation (OFIR) has ordered a Detroit man to cease and desist from the sale of unregistered investment products. The agency determined that Bruce Schlussel and his company, Gannon Real Estate, were not licensed to sell securities products in Michigan and the products sold were not registered with the state.

"Michigan investors—before putting your hard-earned money on the line, call OFIR toll free to check it out," OFIR Commissioner Ken Ross said.

OFIR alleges that Schlussel issued fake real estate promissory notes to investors and promised to pay them the initial investment amount plus 12 percent interest. Schlussel allegedly received payment of over $430,000 from two investors, but failed to return to the investors their initial principle investment or interest.

If Michigan investors have any questions about an investment firm, professional or product, please contact OFIR toll-free at (877) 999-6442 or online at ww.michigan.gov/ofir .

A copy of OFIR's cease and desist order can be found at: http://www.michigan.gov/documents/dleg/Bruce_M._Schlussel_and_Bralen_Inc._-_Order_to_Cease_and_Desist_286419_7.pdf

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