NEWARK – The New Jersey
Bureau of Securities today filed suit against
Credit USA, Inc., a credit-repair and identity
protection company formerly based in Cherry
Hill, and its two principals for allegedly
selling unregistered stock and for transacting
sales without being registered to do so.
L. Alexander, the founder and Chief Executive
Officer of Credit USA, and Nicole Alexander
Shirer, the President of Credit USA and
Alexander’s ex-wife, are named along
with the company as defendants in the state’s
three-count lawsuit. The suit was filed
in State Superior Court in Essex County
and seeks restitution for any losses that
investors sustained, among other remedies.
state alleges that between August 2005 and
November 2009 the defendants violated the
New Jersey Uniform Securities Law by acting
as agents without being registered with
the Bureau of Securities and selling unregistered
taking action on behalf of the investors
who suffered losses when these defendants
allegedly broke our state securities laws,”
Attorney General Paula T. Dow said.
USA maintained its headquarters in Cherry
Hill from June 2007 to about November 2009.
The company was incorporated in Delaware.
Jersey and Delaware authorities cooperated
in investigating the defendants. The Delaware
Attorney General’s Office today secured
criminal indictments against Alexander,
Shirer, and an additional officer of the
company, William Love, III.
two actions illustrate the important work
that the states do in protecting investors,”
said Thomas R. Calcagni, Acting Director
of the New Jersey Division of Consumer Affairs.
“The states provide resources that
augment federal oversight and, as we’ve
done here, states can join together to go
after those who target investors.”
state’s lawsuit seeks to ban Alexander
and Shirer from the securities industry
in New Jersey, to disgorge all profits gained
through violation of the Uniform Securities
Law, and the assessment of civil monetary
are estimated to be at least 100 investors
who paid over $125,000 for shares. The investors
included people who had paid to become “members”
of Credit USA and “associates,”
members who had paid an additional fee that
allowed them to sell Credit USA services
applaud the coordination among the states
to thwart this operation. Credit USA’s
sale of unregistered stock highlights the
public's need to be more vigilant and to
check with the Bureau before investing in
order to avoid being victims,” said
Marc B. Minor, Chief of the N.J. Bureau
NJBOS can be contacted toll-free within
New Jersey at 1-877-I-INVEST
(1-877-446-8378) or from outside New Jersey
at 973-504-3699. The Bureau’s web
site is located at www.njsecurities.gov
Deputy Attorneys General
Victoria Manning and Christopher W. Gerold
are representing the State in this matter.
Bureau of Securities Supervising Investigator
Michael McElgunn and Investigator Richard
Smullen led the investigation.