Thomas Nicholas Salzano, Ponzi Scheme, New Jersey 2024
NEWARK, N.J. – Thomas Nicholas Salzano, 66, of Secaucus, New Jersey, was sentenced to 144 months in prison for orchestrating a $658 million Ponzi scheme and conspiring to evade millions of dollars in tax liabilities, U.S. Attorney Philip R. Sellinger announced.
Salzano, the shadow chief executive officer of National Realty Investment Advisors LLC (NRIA), previously pleaded guilty before U.S. District Judge Evelyn Padin to securities fraud, conspiracy to commit wire fraud, and conspiracy to defraud the United States.
According to documents filed in this case, Salzano and others defrauded investors and potential investors of NRIA Partners Portfolio Fund I LLC (the "Fund"), a real estate fund operated by NRIA, of $650 million through lies, deception, misleading statements, and material omissions.
Saliano led and directed the marketing campaign, which employed deception, material misrepresentations and omissions, and falsified documents to manipulate investors, which were intended to mislead Fund investors into believing that NRIA was a solvent business that generated significant profits.
Salzano misappropriated millions of dollars of investor money to enrich himself and his family and friends, and failed to report and pay taxes on those misappropriated funds.
"For years, Salzano, operating from the shadows to conceal his prior history of fraud, told lie after lie to investors, continuously deceived them, and operated his business as a Ponzi scheme, through which he stole money from thousands of investors in order to support his lavish lifestyle," said U.S. Attorney Philip R. Sellinger.
"Salzano trampled on the trust that his clients placed in him to invest their money prudently but instead he stole their investments for his own self-enrichment through his atrocious scheme which resulted in the theft of over $650 million," said Harry Chavis, Jr., Special Agent in Charge of the Internal Revenue Service Criminal Investigation, Boston Field Office.
Salzano was sentenced on February 26, 2024, in Newark federal court.
According to the U.S. Attorney's Office, the investigation into Salzano's scheme was a result of a joint effort between the U.S. Attorney's Office and the Internal Revenue Service Criminal Investigation.
The case is being prosecuted by Assistant U.S. Attorney Jeffrey S. Bender of the U.S. Attorney's Office's White Collar Crime Unit.
Saliano was also ordered to pay restitution to the victims of the scheme.
The exact dollar amount of the restitution has not been disclosed.
This is a developing story and will be updated as more information becomes available.
Key Facts
- State: New Jersey
- Category: White Collar Crime|Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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