By Shayna Jacobs
DNAinfo Reporter/Producer
MANHATTAN SUPREME COURT — The CEO of a Manhattan bar code company has been charged with defrauding 16 investors of $3.5 million by misrepresenting his innovation as better than the rest, prosecutors said Thursday.
Cary Bunin, 69, allegedly sold shares of his 257 Park Avenue South bar code company, International Barcode Corporation, under false pretenses, telling investors their stocks would rise by making up details of phony deals he pretended to have made with other companies, prosecutors said.
Bunin, who prosecutors said was not paying taxes on a Manhattan apartment, allegedly used some of the fraudulent proceeds to purchase a home in Massachusetts under his wife's name. Prosecutors said he did this to avoid lawsuits.
He is charged with grand larceny, tax fraud, scheme to defraud and other related offenses. His company and a consulting firm that "allowed him to make false business deductions to which he was not entitled," were also charged in the indictment.
Bunin was ordered held on $350,000 bail. He pleaded not guilty at his arraignment Thursday.
