Prosecutors allege that the investment company’s president and an associate were in fact participating in a brazen $650 million Ponzi scheme that defrauded thousands of investors.
After investing a few thousand dollars, the New Jersey-based group focused on high-end real estate in gentrifying neighborhoods claimed, clients might see returns of at least 12 percent.
Neither O’Reilly nor Taylor—nor any other celebrity endorser—was charged with any offenses, and prosecutors did not indicate one way or the other whether they were aware of the firm’s alleged web of deceit. Neither immediately responded to requests for comment.NRIA and four of its former executives—including Salzano and Grabato—with bilking 2,000 investors by falsely promising to use their money to buy and develop real estate properties.
The SEC says that in reality, the group used the money “to pay distributions to other investors, to fund an executive’s family’s personal and luxury purchases, and to pay reputation management firms to thwart investors’ due diligence of the executives.
Argentina Últimas Noticias, Argentina Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Kevin Bacon says he's recovered 'a portion' of money from Bernie Madoff’s infamous Ponzi scheme'Footloose' star Kevin Bacon shared that he and his family recovered 'a portion' of the money lost in the Bernie Madoff Ponzi scheme that was worth billions.
Leer más »
Two from Secaucus-based real estate investment firm charged, one pleads guilty in $650M scheme: feds|
Leer más »
Kevin Bacon Recalls His Reaction After He and Kyra Sedgwick Lost Money in Madoff SchemeKevin Bacon recently revealed his reaction to finding out he and wife Kyra Sedgwick lost money in one of history’s largest Ponzi schemes.
Leer más »
BMI Moves to For-Profit Business Model, Eyeing Growth and New InitiativesAfter more than 80 years operating, in effect, as a not-for-profit organization, BMI has decided to transform itself into a for-profit commercial enterprise.
Leer más »
Tether reduces commercial paper exposure to zero, replaces investments with T-BillsSay goodbye to commercial paper and hello to T-Bills. Tether is shifting its balances. (Reporting via forgeforth_)
Leer más »