Man who allegedly scammed N.J. investors out of millions added to FBI Most Wanted Fraudsters list
A man who allegedly scammed hundreds of New Jersey investors out of millions has been added to the FBI's Most Wanted Fraudsters list.
Rey Grabato II is wanted for his alleged participation in a scheme that defrauded 2,000 investors, including hundreds in New Jersey, the FBI said. He allegedly scammed investors out of over $650 million between February 2018 and January 2022, according to the FBI.
Grabato acted as the president and owner of a realty investment company, National Realty Investment Advisors. He allegedly lied about how much money the company's investment fund was worth to buy ownership stakes in companies that invest in real estate, the FBI said.
Law enforcement officials said he also tried to scheme the IRS out of $26 million in outstanding tax liabilities owed to the federal government over 15 years.
The United States District Court in Newark issued a federal warrant for Grabato's arrest on Oct. 12, 2022. He is facing a host of charges including securities fraud, wire fraud and conspiracy to defraud the United States with respect to tax.
The FBI is offering a reward of $150,000 for information leading to his arrest and conviction.
FBI officials said he has ties to the Philippines and may be living there.
Grabato is the second person to be added to the new fraudsters list.
Anyone with information about his whereabouts can submit tips online, by calling 1-800-CALL-FBI, or by contacting FBI Newark at 973-792-3000.
