Secaucus Real Estate Investing Firm Shut Down By State Of New Jersey #Secaucus #Real #Estate #Investing #Firm #Shut #State #Jersey Welcome to JibGlobe, here is the new resources we have for you today:
SECAUCUS, NJ — This week, the state of New Jersey announced it has issued a cease-and-desist order to a real estate investment company based in Secaucus.
The company is National Realty Investment Advisors (NRIA).
One of the owners of the company is Thomas Nicholas Salzano, aka “Nick Salzano.” Salzano was arrested by the FBI last March, after an hours-long stand-off with Secaucus Police and FBI agents where he refused to come out of his Riverside Court condo.
In that instance, he was charged with defrauding a client out of hundreds of thousands of dollars. The FBI alleges that, in 2019, he used a forged bank document in an attempt to try and lure a woman to invest more in one of NRIA’s real estate ventures.
That very same real estate fund is the one shut down by the state of New Jersey this week. Also, just last week, NRIA filed for bankruptcy.
The New Jersey Attorney General ordered NRIA to stop doing business, as the state says the company fraudulently sold at least $630 million in securities to investors in New Jersey and across the nation from 2018 to 2022.
The principals of the company are listed by the Attorney General as:
Salzano, of Secaucus, portfolio manager of the NRIA Fund Rey Grabato, of Hoboken, president of the NRIA Fund and 80-percent owner of NRIA D. Coley O’Brien, of Southampton, NY, co-CIO of the NRIA Fund and 100-percent owner of NRIA Capital Partners Arthur Scutaro, of Bloomfield, executive vice-president of project management and advisor to the NRIA Fund According to the NJ Attorney General, their alleged fraud worked this way: The company sold membership in a real estate investment fund known as the NRIA Fund to at least 1,800 investors across the country, including 380 investors in New Jersey.