National Realty Investment Advisors (NRIA) has filed for Chapter 11 bankruptcy after multiple state and federal investigations into potential wrongdoing. The New Jersey-based private real estate developer was recently issued a Summary Cease and Desist Order by the New Jersey Bureau of Securities and is the subject of an FBI probe and Securities and Exchange Commission investigation.
At Meyer Wilson, we provide dedicated representation for investors who have suffered losses as a result of investment misconduct or securities fraud. We are investigating the legitimacy of advisor recommendations to invest in NRIA in light of recent activities. If you or a loved one invested in NRIA, contact our office at (800) 738-1960 to schedule a free consultation.
A Summary Cease and Desist Order has been filed by the New Jersey Bureau of Securities for NRIA. According to the order, NRIA “fraudulently sold at least $630 million in securities” to approximately 1,800 investors nationwide from 2018 until 2022.
The real estate investment fund advertised by NRIA guaranteed returns of 12% on the investment with the possibility of returns as high as 21%. In reality, however, NRIA used investor money to fund distributions and made untrue statements of material facts to entice investors. The Bureau found that NRIA had engaged in multiple violations of the state’s Uniform securities law. Both NRIA and the NRIA fund have filed for Chapter 11 bankruptcy.
This is not the first time NRIA, its related entities, and associated individuals have faced scrutiny. In June 2021, the U.S. Securities and Exchange Commission filed charges against NRIA portfolio manager Thomas Nicholas Salzano. He stands accused of using a forged document to entice an investor to invest in a real estate venture.
Investigations into possible misconduct and securities violations began after a whistleblower filed an SEC claim alleging that the fund was operating a Ponzi/pyramid scheme. The developer and individuals associated with the firm are currently under investigation by the FBI and multiple state agencies. They are also being sued by a construction company seeking millions in damages for breach of contract on a development that never happened.
At Meyer Wilson, we are investigating claims against advisors that recommended and sold investments in NRIA. Aggrieved investors are strongly encouraged to call our office to schedule a free consultation.
Contact our office at (800) 738-1960 to discuss your legal options directly with an experienced attorney. All investor claim consultations are conducted at no cost and without obligation to retain our services. We proudly represent investors nationwide. Get the focused representation you need to get the results you deserve. Call now to get started.