A former executive behind National Realty Investment Advisors LLC (NRIA), Thomas Nicholas Salzano, also known as “Nicholas Salzano,” was sentenced on Tuesday to 12 years in prison for orchestrating a $658 million Ponzi scheme that deceived over 2,000 investors, according to the U.S. Attorney’s Office for the District of New Jersey. Salzano, 66, of Secaucus, New Jersey, pleaded guilty to securities fraud, conspiracy to commit wire fraud, and conspiracy to defraud the government.
Between February 2018 and January 2022, Salzano and his associates misled investors in NRIA Partners Portfolio Fund I LLC, a real estate investment fund operated by NRIA, causing approximately $650 million in losses, the department reported. The scheme involved a sophisticated marketing campaign directed by Salzano, filled with false statements and omissions intended to falsely portray NRIA as financially stable and profitable.
According to prosecutors, NRIA was instead operating as a Ponzi scheme, using money from new investors to fund returns to earlier ones. Salzano personally invested little in the company but allegedly diverted millions in investor funds for personal luxury, including expensive meals, extravagant parties, and payments to family and friends with no official roles at NRIA.
Beyond the investment scheme, Salzano reportedly took additional steps to evade taxes on the misappropriated funds. As part of his sentence, U.S. District Judge Evelyn Padin ordered him to serve three years of supervised release following his prison term. Salzano was also ordered to forfeit $8.52 million, pay $507.4 million in restitution to his victims, and remit $6.46 million to the IRS.
“For years, Salzano concealed his past fraud, building his Ponzi scheme on lies to investors and leading NRIA with deceit while funding his own lavish lifestyle,” said U.S. Attorney Philip R. Sellinger. “His greed caused staggering losses exceeding $650 million.”
- COVETED COIN: Rare coin ‘breaks world record’ selling for $2.52 million at auction – historic detail that ups its price tag - November 21, 2024
- Trump Stimulus Checks: Will You Receive One in 2024 or 2025? - November 21, 2024
- Social Security checks worth $4,873 automatically going out next week – with just three left this year - November 21, 2024
