A big builder in Philly advertises huge investor returns on radio and Fox News. Now the FBI and SEC are tuning in.
National Realty Investment Advisors is known in Philadelphia for the thousand-plus rowhomes it has built for investors to rent out and as the owner of one of the city’s biggest development sites, the swath of Delaware River waterfront land where part of a sprawling casino complex was once was envisioned.
Outside the city, the Secaucus, N.J.-based firm might be better recognized from its advertising blitz on Fox News’ Tucker Carlson show and elsewhere that has helped it raise more than half a billion dollars by promising investors market-beating returns from projects up and down the East Coast.
But there is much that NRIA hasn’t highlighted in its messaging.
Federal prosecutors have charged a key executive, Thomas Nicholas Salzano, 63, with fraud, saying he used phony loan papers to try to reel in an investor. Salzano helped lead NRIA after he settled with federal regulators in a previous financial fraud.
The FBI and the U.S….