N.J. developer duped investors out of $630M with promises of real estate profits, state says

0
62

The New Jersey Bureau of Securities has issued a cease-and-desist order to a Secaucus-based developer accused of defrauding investors in the state and elsewhere of at least $630 million over the past four years.

National Realty Investment Advisors, LLC and related partners allegedly sold fraudulent securities in the form of membership units in a real estate investment fund known as “NRIA Fund” to at least 1,800 investors across the United States, including 380 in New Jersey, New Jersey’s Office of the Attorney General said in a statement.

The fraud allegedly occurred from 2018 to 2022, enticing would-be investors with a nationwide campaign that included radio advertising and messaging on billboards at the Lincoln and Holland Tunnels, according to the cease-and-desist order.

The company promised “the opportunistic purchase of land or property at below-market value prices, which would then be developed for sale at a large profit,” acting Attorney…

Read more…