According 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.