HOBOKEN, NJ — The FBI has added a former Hoboken resident to their most wanted list, saying he and other owners of a real estate company defrauded investors of more than $650 million. READ MORE: $650M Real Estate Ponzi Scheme Was Run By 2 Hudson County Men: Feds
They're offering a $150,000 award for information leading to his conviction and arrest.
Rey E. Grabato, II ran National Realty Investment Advisors, LLC, a company that defrauded approximately 2,000 investors, including hundreds in New Jersey, the FBI said.
Grabato and others "allegedly misrepresented the value of NRIA's investment fund reportedly used to acquire equity interests in companies that invested in real estate assets" through 2022, the FBI says.
Between 2007 and 2022, Grabato also participated in a scheme to prevent the United States Internal Revenue Service from collecting approximately $26 million in taxes that were owed, officials say.
A warrant was issued on Oct. 12, 2022 for Grabato, who had been living in Hoboken, the FBI says. He may be living in the Philippines now, according to the wanted poster.
Newspapers in the Philippines say he's the son of the mayor of the town of Iloilo.
"If you have any information concerning this person, please contact your local FBI office or the nearest American Embassy or Consulate," the FBI says.
Grabato and three other executives were charged with fraud in 2022.
PRIOR REPORTING: $650M Real Estate Ponzi Scheme Was Run By 2 Hudson County Men: Feds
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