Embroiled in bankruptcy proceedings as its former leaders face criminal charges, National Realty Investment Advisors has at least one fewer investigation to worry about this week.
The Robert N. Wilents Court Complex in Newark, New Jersey, home to the office of the New Jersey Bureau of Securities
The New Jersey Bureau of Securities issued an administrative consent order for NRIA on Dec. 8, ending its investigation into the company without punishment as long as it abides by the terms of a cease-and-desist order and does not engage in any securities trading, according to court documents.
In exchange, several counts of fraudulent practices are now a matter of fact in the public record, though NRIA is not required to admit to them.
Those include:
— NRIA ran a Ponzi scheme through its Partners Portfolio Fund starting in 2018 that had amassed $630M in investments by the time it was shut down at the beginning of this year.
— The company downplayed and actively concealed that Thomas Nicholas “Nick” Salzano, who had been found liable for securities fraud at a previous venture, was in charge of the fund and had a criminal past.
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