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...

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