The FBI has added Rey Grabato II, the former president and owner of National Realty Investment Advisors, to its Most Wanted Fraudsters list, accusing him of defrauding roughly 2,000 investors — including hundreds in New Jersey — out of more than $650 million. Federal officials believe Grabato may be living in the Philippines, and they're now offering a $150,000 reward for information leading to his arrest and conviction.
According to CBS News New York, a federal arrest warrant for Grabato was issued by the United States District Court in Newark back on October 12, 2022. Prosecutors allege he scammed investors between February 2018 and January 2022, funneling money through National Realty Investment Advisors, the Secaucus-based firm he once ran. He faces charges of securities fraud, wire fraud, and conspiracy to defraud the United States with respect to tax, per the outlet's report.
Grabato allegedly lied about the value of NRIA's investment fund, per the FBI, and then used that false valuation to buy ownership stakes in other companies that invest in real estate. Law enforcement officials also say he tried to evade $26 million in outstanding federal tax liabilities accumulated over 15 years. He is now the second person added to the FBI's newly launched Most Wanted Fraudsters list.
A Firm That Collapsed Into Bankruptcy and Federal Charges
NRIA's downfall didn't happen overnight. Grabato stepped down as chief executive officer in April 2022, just two months before the company's operations were halted and it filed for bankruptcy, according to BrokerWatch. On June 7, 2022, National Realty Investment Advisors and its primary investment fund filed for Chapter 11 protection in New Jersey, reporting liabilities between $500 million and $1 billion against assets of only $50 million to $100 million, per the U.S. Securities and Exchange Commission.
Two weeks later, the New Jersey Bureau of Securities issued a summary cease-and-desist order against NRIA and its principals, finding the firm had fraudulently sold more than $630 million in unregistered securities to at least 1,800 investors nationwide, including 380 New Jersey residents, according to the New Jersey Office of the Attorney General. The SEC's later civil complaint identified 382 retirees among the victims, saying they invested more than $94 million in life savings after being promised annual returns of up to 20 percent.
Other NRIA Leaders Already Sentenced
While Grabato remains a fugitive, other top figures at NRIA have already faced federal consequences. Thomas Nicholas Salzano, described as the firm's shadow chief executive officer, was sentenced in Newark federal court on November 12, 2024, to 12 years in prison for orchestrating what prosecutors called a $658 million Ponzi scheme, the Department of Justice announced. As part of a February 2024 plea agreement, Salzano agreed to pay $507 million in restitution to victims, though bankruptcy liquidation proceedings have recovered only a small fraction of that amount, per Patch.
Arthur S. Scuttaro, NRIA's former head of sales, pleaded guilty on October 12, 2022, to conspiracy to commit securities fraud for his role marketing the scheme. Federal court documents from February 2024 also revealed that NRIA executives had used investor funds to pay online reputation management firms in an effort to scrub the internet of Salzano's prior history of financial fraud, keeping it hidden from prospective investors.
Reward Offered as Manhunt Continues
The FBI is accepting tips about Grabato online, by calling 1-800-CALL-FBI, or by reaching FBI Newark directly at 973-792-3000. Investigators believe he has ties to the Philippines and may currently be living there, though his exact whereabouts remain unconfirmed.
Grabato's placement on the list comes amid a broader federal push against major financial fugitives. The Most Wanted Fraudsters list was officially launched by the Department of Justice and the FBI on June 4, 2026, alongside the White House Task Force to Eliminate Fraud, to spotlight high-priority suspects accused of large-scale financial crimes. Hoodline previously covered the list's initial rollout, and the effort has already produced results elsewhere: less than a week after its launch, Said Abdullahi Ereg surrendered in Minnesota, becoming the first fugitive named to the list to be taken into custody, according to the FBI. Whether Grabato will be next remains an open question, but for the investors still waiting on restitution that has barely trickled in, his capture would mark another step toward accountability in a scheme that regulators say reached thousands of victims nationwide.
