NRIA official charged in federal case still privy to company business, FBI cooperating witness says

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A National Realty Investment Advisors officials charged in a federal complaint back in March is still privy to company business, according to a company insider cooperating with the FBI who spoke exclusively with HCV.

Photo via glassdoor.com.

By John Heinis/Hudson County View

In a one-on-one meeting with this reporter, the cooperating witness, who is still employed by NRIA and spoke under the condition of anonymity, disclosed emails that showed Thomas Salzano still being carbon copied on emails discussing official company dealings.

Back in March, the U.S. Attorney’s Office charged Thomas Nicholas Salzano, also known as Nick Salzano, of Secaucus, by complaint with one count of wire fraud and one count of aggravated identity theft.

Furthermore, the CW also indicated that current real estate projects are either breaking even or losing money with investments down approximately 50 percent since Salzano was accused of committing federal crimes.

The next major step in the probe is a grand jury convening next month, the CW added.

U.S. Attorney’s Office spokesman Matt Reilly said “we never confirm or deny the existence of an investigation.”

Months before Salzano was charged, whistleblower Barry Minkow, who has served prison time for insider trading and started a world famous Ponzi Scheme when he was in high school, submitted a whistleblower report with the U.S. Securities Exchange Commission (SEC) in August 2020, as only HCV reported.

The report claimed that the company materially misrepresents to customers that their investments are real estate secured and that the company is not generating the revenues necessary to pay promised “guaranteed” returns.

HCV has also since learned that in October, Minkow recorded an 11-minute phone conversation with NRIA Senior Project Manager Brian Harrington, confirming again – as heĀ  previously had via email – people are financially incentivized for bringing investors into NRIA.

“At 20 percent, for five years, we’re good $300,000?,” Minkow said on the recorded call, which has been obtained by HCV.

“Okay, yeah you would get 10 percent immediately, which is $30,000 a year, and then you would qualify for a lump sum when you exit, 10 times 5, $150,000 lump sum – plus of course your original principal of three hundred [thousand] and a JV [joint venture] to top that off,” Harrington responded.

Harrington declined to comment, while other NRIA officials did not return inquiries seeking comment.