NJ Developer Wants To Claw Back Cash From Ex-Executives
By Rick Archer (June 24, 2022, 7:16 PM EDT) -- Real estate developer National Realty Investment Advisors has filed a suit in New Jersey bankruptcy court to claw back $420,000 it alleges the company's then-CEO withdrew from its accounts before passing it on to a now-former executive facing fraud charges.
In an adversary action filed Thursday, NRIA claimed former president and CEO Rey Grabato engaged in the fraudulent transfer of the funds a year ago, and that it is entitled to recover them from their ultimate recipient, ex-portfolio manager Thomas Salzano.
New Jersey-based National Realty filed for bankruptcy two weeks ago along with 130 affiliates, saying it entered Chapter 11 to...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!