ESSEX COUNTY, NJ — An Essex County resident pleaded guilty to conspiracy to commit securities fraud in connection with a $650 million Ponzi scheme that attempted to rip off more than 2,000 investors, federal prosecutors announced Thursday.
Arthur S. Scuttaro, 62, of Nutley, the former head of sales at National Realty Investment Advisors LLC (NRIA), pleaded guilty in Newark federal court to an information charging him with one count of conspiracy to commit securities fraud, according to the U.S. Attorney’s Office.
Sentencing for Scuttaro is scheduled for Feb. 23, 2023, prosecutors said.
Prosecutors also announced criminal charges against the two people who allegedly led the massive Ponzi scheme: Thomas Nicholas Salzano, 64, of Secaucus, and Rey E. Grabato II, 43, of Hoboken and the Republic of the Philippines.
Salzano and Grabato were charged in an 18-count indictment that accuses them of conspiracy to commit securities fraud, securities fraud, conspiracy to commit wire fraud, wire fraud, and conspiracy to defraud the United States. Salzano is also charged with two counts of aggravated identity theft, two counts of tax evasion, and five counts of subscribing to false tax returns, prosecutors said.
Salzano was arrested Wednesday and is scheduled to appear in court on Thursday. Grabato remains at large, authorities said.
“As charged in the indictment, these defendants schemed to create a high-pressure, fraudulent marketing campaign to hoodwink investors into believing…
