Jan. 6, 2023, 7:40 PM
Investors in a New Jersey real estate development company have sued 12 of its former executives and employees, alleging they conducted a $630 million Ponzi scheme.
The proposed class action, filed Thursday in the US District Court for the District of New Jersey, follows a Securities and Exchange Commission suit against some of the same individuals and the company, National Realty Investment Advisors LLC.
Investors were ensnared by memberships that promised guaranteed annual returns, Joe Frantatoro and other would-be class representatives say.
“Despite promising investors a guaranteed 12% annual return with yearly distributions, Defendants misrepresented the NRIA Fund’s financial condition …
