First National Realty Partners (FNRP) Fraud Lawsuits
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Red Bank real estate investment firm accused in lawsuit of shortchanging investors of $12M
First National Realty Partners, a Red Bank real estate investment firm, offered customers the chance to buy shares in shopping centers and receive annual returns of up to 9%, but instead skimmed more than half of the money for itself, according to a lawsuit filed in federal court. The lawsuit seeks to recover $12 million from investors.
Two Investor Groups File Federal Lawsuits Against First National Realty Partners Alleging Fraud and Misrepresentation
Two separate groups of investors have filed lawsuits in the United States District Court for the District of New Jersey against First National Realty Partners, LLC (FNRP), First National Realty Advisors, LLC (FNRA), and several affiliated individuals, including managing principals Anthony Grosso and Christopher Palermo. The filings allege violations of federal and state securities laws, as well as claims under the Racketeer Influenced and Corrupt Organizations Act (RICO).
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Federal Complaint Filed – First National Realty Partners
Investors allege undisclosed fees, exaggerated returns, and use of affiliates to funnel investor funds. The complaint details systematic misrepresentations about investment performance and hidden conflicts of interest.
Counterclaim Filed by First National Realty Partners
First National Realty Partners files counterclaim against investors, seeking to enforce their arbitration clause and compel arbitration. The counterclaim disputes the fraud allegations and seeks to move the dispute to arbitration as required by their investment agreements.