Rey E. Grabato II added to FBI Most Wanted for $650M fraud scheme

Rey E. Grabato II, the former president and majority owner of National Realty Investment Advisors LLC (NRIA), has been added to the FBI’s Most Wanted Fraudsters list. He is accused of participating in a $650 million Ponzi-style scheme that allegedly defrauded approximately 2,000 investors between February 2018 and January 2022.

Federal prosecutors allege that Grabato and co-conspirator Thomas Nicholas Salzano used misleading representations to solicit investments for the NRIA Partners Portfolio Fund I LLC. While investors were promised funds would finance real estate developments, authorities claim the company generated little to no profit and instead used new investor money to pay earlier investors, cover luxury expenses, and conceal the firm's financial state.

In addition to securities and wire fraud, Grabato faces charges of conspiracy to defraud the United States regarding approximately $26 million in tax liabilities and obstructing the Internal Revenue Service. Authorities believe Grabato may be in the Philippines and are offering a reward of up to $150,000 for information leading to his arrest.