The Certified Financial Planner Board of Standards has imposed an interim suspension on a New Jersey advisor who was one of five people charged with conspiring to defraud investors and mortgage lenders of more than $500,000 through fraudulent real estate Investments.

The suspended advisor, Joseph M. Whitney, 42, of Mahwah, N.J., and three others conspired with his wife, Melanie Whitney, also 42, in the fraudulent schemes and money laundering, according to a news release dated Feb. 5 by Gurbir S. Grewal of the New Jersey Attorney General’s Office.

The complaint, filed on Jan. 29, alleged that Melanie Whitney overstated her professional real estate experience and convinced two men to enter into business partnerships with her, deceiving each into investing more than $75,000 in fraudulent real estate deals. She allegedly stole the funds and directed them into bank accounts controlled by her father, George Bussanich Sr., 62, of Saddle River, N.J., her brother, George Bussanich Jr., 41, of Mahwah, and Bruce Evanter, 73, of Mahwah. They used the funds for personal expenses, the complaint said.

It further alleged that Melanie Whitney falsified mortgage applications to defraud two mortgage lenders, SNCO Capital Group and Planet Home Lending, out of funds they loaned her for real estate investments. Those funds allegedly were also diverted and laundered through accounts controlled by her father, brother and Evanter, the complaint said.

Joseph Whitney was charged with first-degree conspiracy. All the other defendants were charged with first degree conspiracy and first-degree money laundering. Melanie Whitney was charged with two-counts of second-degree theft by deception and fourth-degree falsifying and tampering with records. Her father also was charged with second-degree theft by deception.

The CFP Board Disciplinary and Ethics Commission (DEC) issued an interim suspension order against Whitney on March 2, which became effective March 23.

“The DEC determined that Mr. Whitney’s conduct poses a significant threat to the public and significantly impinges upon the reputation of the profession or the CFP certificant marks and granted the Motion,” the CFP said in statement.

In a parallel action, on Jan. 30, the New Jersey Bureau of Securities denied Whitney’s applications for registration with the bureau as an agent and investment adviser representative of a broker-dealer, citing conduct related to the criminal charges. The denial prevents him from working in the securities industry in New Jersey.

According to his BrokerCheck profile, Whitney began his career at Morgan Stanley in March 2003. He moved to UBS in January 2009 and after more than 10 years he left for Wedbush Securities, where he remained for less than a year before the charges. 

An interim suspension, the board explained, is a suspension of a CFP professional’s certification and trademark license during the pendency of proceedings. Those subject to an interim suspension order must not use the CFP certification marks or state or suggest that they are CFP professionals.