Skip to main navigationSkip to News Headlines
NJ Division of Consumer Affairs
Global Navigation
Division of Consumer Affairs
The State of New Jersey Office of The Attorney General (Dept. of Law & Public Safety) The State of New Jersey NJ Home Services A to Z Departments/Agencies OAG Frequently Asked Questions
OAG Home
OAG Contact
Division of Consumer Affairs Alerts and Recalls
Division of Consumer Affairs Alerts and Recalls
Office of the Attorney General Homepage Division of Consumer Affairs, Director
Division of Consumer Affairs, Director
Division of Alcoholic Beverage Control
Division of Consumer Affairs
Division of Consumer Affairs Highlights
Division of Consumer Affairs Topics in a A-Z List Format
Office of Consumer Protection (OCP)
New Jersey Bureau of Securities
Office of Weights and Measures
Legalized Games of Chance Control Commission
Alternative Dispute Resolution
Professions and Occupations List
Contact the Division of Consumer Affairs
Division of Consumer Affairs in Spanish
Division of Criminal Justice
Division on Civil Rights
Division of Gaming Enforcement
Division of Highway Traffic Safety
Division of Law
Juvenile Justice Commission
NJ Racing Commission
State Athletic Control Board
Division of NJ State Police
Victims of Crime Compensation Office
OPRA - Open Public Records Act
Download Free PDF Reader

Paula T. Dow,
Attorney General

Division of Consumer Affairs
Thomas R. Calcagni, Acting Director

  Bureau of Securites
Marc B. Minor, Chief
For Immediate Release:
July 6, 2010
For Further Information Contact:
Jeff Lamm, 973-504-6327

N.J. Bureau of Securities Files Suit Against Former
South Jersey Company and its Principals

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.

Terrel 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.

The 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 securities.

“We’re 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.

Credit USA maintained its headquarters in Cherry Hill from June 2007 to about November 2009. The company was incorporated in Delaware.

New Jerseyand 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.

“These 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.”

The 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 penalties.

There 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 to others.

“I 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 of Securities.

The 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 ( ) 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.


Contact Us | Privacy Notice | Legal Statement | Accessibility Statement
NJ Home Logo
Divisional: DCA Home | Complaint Forms | Proposals | Adoptions | Contact DCA
Departmental: OAG Home | Contact OAG | About OAG | OAG News | OAG FAQs
Statewide: NJ Home | Services A to Z | Departments/Agencies | FAQs
Copyright © State of New Jersey
This page is maintained by DCA. Comments/Questions: email

Page last modified: