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Important 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.
• Government Actions:

  Government Action: BBB reports on known government actions involving business’ marketplace conduct:

  Guilty Plea
  

  The following describes a government action that has been resolved by either a settlement or a decision by a court or administrative agency. If the matter is being appealed, it will be noted below.

  
  

  NEWARK, N.J. – Feb. 27, 2024 -  The shadow chief executive officer of National Realty Investment Advisors LLC (NRIA) today admitted orchestrating a scheme to defraud more than 2,000 investors in a $658 million Ponzi scheme and conspiring to evade millions of dollars in tax liabilities, U.S. Attorney Philip R. Sellinger announced.

  
  

  Thomas Nicholas Salzano, aka “Nicholas Salzano”, of Secaucus, NJ, pleaded guilty before U.S. District Judge Evelyn Padin in Newark federal court to securities fraud, conspiracy to commit wire fraud, and conspiracy to defraud the United States. Salzano admitted he made numerous misrepresentations to investors while he secretly ran NRIA behind the scenes. He also admitted to misappropriating millions of dollars from investors to enrich himself and his family and friends.

  
  

   As part of his plea agreement, Salzano has agreed to a prison term of eight to 12 years, a forfeiture money judgment in the amount of $8.52 million, and a full restitution of $507.4 million to the victims of his offenses. Sentencing is scheduled for Aug. 6, 2024.

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