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Real Estate Fund Shuttered Over Alleged $630M Fraud

New Jersey state regulators have shut down Secaucus, N.J.-based National Realty Investment Advisors for allegedly fraudulently selling $630 million of securities to at least 1,800 investors nationwide. So reports NJBiz.

Scam road sign 464653 1920 150x150According to the 63-page summary cease and desist order, the firm billed its NRIA Fund as a billion-dollar-plus real estate development firm focused on “groundup” property development of townhomes, condominium complexes, luxury residences and mixed-use rental developments.

NRIA and its officials allegedly guaranteeing returns of at least 12% and the potential for as much as 21% as part of a national advertising campaign that included radio spots and billboards at the entrances to the Lincoln and Holland Tunnels.

Read the full article from NJBiz.

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