NRIA (National Realty Investment Advisors) is a private real estate developer based in New Jersey, that has filed for Chapter 11 bankruptcy protection amid investigations by Federal and state governments. NRIA, which has projects in Florida, Pennsylvania, New Jersey, and New York, said it had assets worth between $50 million and $100 million and liabilities between $500 million and $1 billion. Our initial investigation has uncovered that NRIA likely participated in a scheme to defraud investors.
If you believe you were a victim of NRIA’s potentially fraudulent investment scheme, it is imperative to take action.
Contact Peiffer Wolf today by filling out a Contact Form on our website or by calling 585-310-5140 to schedule a FREE Case Evaluation. We have represented thousands of victims, and we remain committed to fighting on behalf of investors.
According to reports, NRIA, which purported to have $1.25 billion in assets under management in 2021, is under investigation by the FBI (Federal Bureau of Investigation), the SEC (Securities and Exchange Commission), and state regulators in Illinois, New Jersey, and Alabama.
On June 21, 2022, the New Jersey Bureau of Securities issued a cease and desist order to NRIA, stating that NRIA fraudulently sold over $600 million in securities to investors, starting in 2018. The Bureau estimates that there are 1,800 NRIA investors across the US.
The recent bankruptcy is not the first sign of trouble for NRIA. In April 2022, NRIA CEO Rey Grabato stepped down, and the year prior, in March 2021, the FBI
arrested and charged NRIA portfolio manager, Nick Salzano with using a fake loan guarantee document to defraud investors.
NRIA has also faced scrutiny from its construction partners. In March 2022, U.S. Construction sued NRIA for breach of contract, seeking nearly $30 million in damages, alleging that NRIA canceled an agreement and now refuses to pay reimbursable expenses and outstanding fees.
Multiple concerned NRIA investors have reached out to Peiffer Wolf following the reports that the company has filed for bankruptcy. Peiffer Wolf is investigating the best way to assist victims in attempting to recover their investments.
If you believe you were a victim of NRIA’s potentially fraudulent investment scheme, it is imperative to take action. Peiffer Wolf has represented thousands of victims, and we remain committed to fighting on behalf of investors.
Contact Peiffer Wolf today by filling out a Contact Form on our website or by calling 585-310-5140 to schedule a FREE Case Evaluation.
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