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SEC files charges over NJ real estate firm’s alleged $600m ‘Ponzi-like scheme’

New Jersey seafront
Photo: Getty Images

Martin Cloake

1 min read
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Charges filed over what regulator terms ‘callous behaviour’.

A New Jersey real-estate firm has been charged by the SEC with running “a Ponzi-like scheme that raised approximately $600m from about 2,000 investors”.

National Realty Investment Advisors LLC (NRIA) is said to have raised funds from 2018 by promising investors their money would be used to develop real estate properties

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