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          National Realty Investment Advisors, LLC has 1 locations, listed below.

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            Business ProfileforNational Realty Investment Advisors, LLC

            Real Estate Investing

            Current Alerts For This Business

            There are 3 alerts for this business. See all alerts
            Out of Business:

            on 08/10/2023 the Chapter 11 Plan of Liquidation was confirmed by the NJ Bankruptcy Court.

            Out of Business:
            According to information in BBB files, this business is no longer in business.

            Additional business information

            Additional Info:
            On 06/07/2022, a plan for reorganization of the business was confirmed by the U.S. Bankruptcy Court in Newark, under Chapter 11 of the federal Bankruptcy Act, case# 22-14539 JKS. This permits the business to continue to operate with court supervision until further notice. Those with monetary claims against the business are advised to obtain a Proof of Claim form by writing to United States Bankruptcy Court District of New Jersey Clerk's Office, MLK Jr Federal Building, 50 Walnut St. Newark NJ 07102 for resubmission to that court. The case number should be entered on the form.
            Pending Government Action:
            Government Action: BBB reports on known government actions involving business’ marketplace conduct:
            SEC Complaint

            The following describes a pending government action that has been formally brought by a government agency but has not yet been resolved. We are providing a summary of the governments allegations, which have not yet been proven.

            On 06/07/2021 the Securities and Exchange Commission charged Thomas Nicholas Salzano, of Secaucus, New Jersey, with using a sham loan document containing a forged signature in a fraudulent attempt to entice a $150,000 investment in a real estate joint venture located in New Jersey.

            According to the SEC's complaint, in January 2019, Salzano, an executive advisor and portfolio manager at National Realty Investment Advisors, LLC, a New Jersey-based private real estate management firm, sent the loan document to an investor to obtain an investment in a joint venture opportunity offered by the firm. The complaint alleges that Salzano provided the investor a term sheet for a loan that purportedly was being used to finance the real estate project in which the investor would invest. As alleged, the term sheet falsely stated that a third-party lender had committed to provide a $25 million loan for the project, and that the term sheet contained the forged signature of the lender's chief executive officer. Further, the complaint alleges that Salzano knowingly provided the false term sheet to the investor in an attempt to secure the investment.

            The SEC's complaint, filed in federal court for the District of New Jersey, charges Salzano with violations of the antifraud provisions of Sections 17(a)(1) and (3) of the Securities Act of 1933, and seeks injunctive relief, civil penalties, and an officer and director bar.

            In response to the SEC allegations, the business provided the following statement in 2021:

            "NRIA understands that there is a government investigation underway, arising from an isolated event that took place in 2019.  It involves a communication between an independent contractor and a single investor.  The isolated event was resolved two years ago, with no loss of investor capital—as has been the case with every NRIA investor since our inception in 2006. 

             Specifically, the government’s allegations against the independent consultant, Nicholas Salzano are, in sum, that he prematurely claimed that a particular project had already obtained lender commitment intent and that he sent the investor a signed letter of intent to that effect.  In fact, the project did ultimately have a Letter of Intent (LOI) , in file.

             A few points of clarification worth noting are:

            •             The investor did not invest any money based on Mr. Salzano’s alleged actions.  She was a prior investor who, in keeping with NRIA’s perfect track record, subsequently recouped her entire investment. 

            •             As soon as management at NRIA was alerted to the situation, we took swift action to address the matter and ensured that the investor was not harmed. Mr. Salzano was removed from independent investor communications at that time.

            •             No NRIA investor has ever lost money since our inception.

            •             There is no allegation that calls into question the soundness of the underlying investment, or any of our past, current or pending investments.

            •             There is no allegation that any other potential investor has ever been misled, by Mr. Salzano or any other independent contractor, or employee; nor would we allow that to happen.

            •             Like most major investment funds, we have opened our books and records to many government agencies over the years, including the IRS and SEC.  We have historically come out with our record intact. 

             The allegations, if true, represent an unacceptable departure from our commitment to transparent investor, and lender, relations.  We are reviewing our due diligence procedures and will ensure that no NRIA representative, independent or otherwise, will ever prioritize salesmanship over transparency again. 

            Our company is complying with all government requests for documentation and will maintain its policy of complete transparency with our investors and financial institutions.  The independent contractor, whose alleged actions gave rise to the investigation, has been suspended pending the outcome of his matter."

            See all additional business information

            At-a-glance

            Customer Reviews

            1/5stars

            Average of 2 Customer Reviews

            Customer Complaints

            This business has 0 complaints

            Customer Reviews are not used in the calculation of BBB Rating

            Reasons for BBB Rating

            Products & Services

            Real Estate Investment Business Plan, Top Realty Investment , Real Estate Investment Management, Rental property, Income Producing Property, Income Producing Real Estate, Real Estate Investment, Self Directed Ira Real Estate, Self Directed IRA

            Business Details

            BBB File Opened:
            5/10/2013
            Business Started:
            11/27/2006
            Business Started Locally:
            12/20/2007
            Business Incorporated:
            11/27/2006
            Type of Entity:
            Limited Liability Company (LLC)
            Alternate Business Name
            • NRIA
            Business Management
            • Mr. Nicholas Salzano, Former Advisor/Manager/Contractor
            • Mr. Glenn LaMattina, COO
            • Mr. Brian Casey, Manager
            Additional Contact Information

            Email Addresses

            Customer Complaints

            0 Customer Complaints

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            Customer Reviews

            2 Customer Reviews

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            Most Recent Customer Review

            Andrew H

            07/25/2022

            Feel bad for all the people who invested in this company hoping for big returns. Now under investigation by the government for fraud, the NRIA was too good to be true. Hoping new management and bankruptcy court can still save a few of the developments from being scrapped.

            Local BBB

            BBB Serving New Jersey

            BBB Reports On

            BBB reports on known marketplace practices.

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