Invoice O’Reilly Endorsed A Firm That Was A Ponzi Scheme

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If an funding sounds too good to be true, it in all probability is. And if an funding sounds too good to be true and has Invoice O’Reilly is endorsing it: run for the hills! As The Day by day Beast reviews, an organization referred to as Nationwide Realty Funding Advisors — which O’Reilly shilled for by way of Fb advertisements and massive billboards within the New York Metropolis space — is reportedly nothing however a Ponzi scheme.

The corporate, which was purportedly an actual property funding firm, let individuals sink as little as only a few thousand {dollars} into the corporate, and promised returns of 12 % and better. Which might, after all, be nice — if it have been true. As The Day by day Beast’s Pilar Melendez wrote:

The U.S. Lawyer’s Workplace in New Jersey introduced an 18-count indictment, together with prices of securities and wire fraud, in opposition to Thomas Nicholas Salzano and Rey E. Grabato II for his or her function within the nearly four-year-long alleged scheme. The pair additionally allegedly tried to evade $26 million in taxes. Salzano was additionally charged with aggravated id theft, tax evasion, and subscribing to false tax returns. Prosecutors mentioned he was arrested on Wednesday, whereas Grabato was on the lam. Legal professionals for Salzano didn’t instantly reply to a request for remark.

Gee, we will’t think about why.

On Thursday, the SEC filed prices in opposition to the group, claiming that they had stolen cash from roughly 2,000 traders by promising that their “investments” can be used to buy and develop high-end properties. “The group solicited investigators with guarantees of returns ‘of as much as 20 %,’” writes The Day by day Beast. “Among the many traders have been 382 retirees who contributed greater than $94.8 million from retirement accounts.”

Whereas O’Reilly has not been named within the lawsuit, an enormous picture of his mug was used to encourage others to take a position — on TV, in magazines, and by way of Fb advertisements — which means that Invoice definitely isn’t completely innocent in all of this.

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