![]() ![]() ![]() A third playerĪlso today, 62-year-old Arthur S. Salzano was arrested Wednesday and is scheduled to appear before a judge today. Salzano and Grabato are alleged to have lied to the IRS, used a web of nominees, opened bank accounts in the names of phony entities, and used false and fraudulent company documents. Salzano and Grabato also orchestrated a separate conspiracy to defraud the IRS in its effort to collect $26 million in outstanding taxes Salzano owed to the U.S. In reality, they say NRIA generated little to no profits and operated as a Ponzi scheme, which was kept afloat by new investors. The two executed their scheme through an aggressive nationwide marketing campaign that was intended to mislead investors into believing that NRIA was a solvent business that generated significant profits, according to Sellinger's office. These included false representations about NRIA’s financial position, how the defendants and their conspirators used fund investor money, and Salzano’s managerial role at NRIA and his history of fraud. From February 2018 through January 2022, Salzano and Grabato defrauded investors and potential investors of NRIA Partners Portfolio Fund I LLC, a real estate fund operated by NRIA, of $650 million through lies, deception, misleading statements, and material omissions.
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