New Jersey Builder Draws Attention From FBI and SEC

The FBI and SEC, alongside financial regulators from three states, are investigating Secaucus, N.J real estate developer and landlord National Realty Investment Advisors. Known up and down the East Coast for their unconventional marketing strategy, utilizing talk radio and right-wing personalities like Tucker Carlson and Bill O’Reilly to market projects to investors for the purpose of capital raises. Through these channels, NRIA has raised more than $500 million from investors with promises of high returns and 10% monthly payments from revenue raised from real estate projects- a common arrangement within the world of real estate crowdfunding. 

While no criminal charges or civil complaints have been levied against the firm, a prominent executive at NRIA, Thomas Nicholas Salzano, was recently charged with fraud by the FBI. The FBI alleges that Salzano used fake loan papers in an effort to onboard a new investor. This is not Salzano’s first rodeo- he previously settled with federal authorities in a previous fraud scheme before going on to work in the leadership team at NRIA. 

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