The state alleged that company officers used investors' money to pay off other investors, and 'lavished' paychecks on relatives.
The company and its affiliates built over 1,100 rowhouses in Philly and planned major developments on the city’s waterfrontas well as in northern New Jersey, New York City, and Palm Beach, Fla. In a national advertising blitz, it promised investors big-bucks returns of 12% — perhaps better than 20%.
Officers hired “family-owned or controlled companies,” New Jersey officials said, among them a construction company in which Salzano’s son was chief financial officer. “The fraudulent conduct identified … is striking,” acting Attorney General Platkin said in a statement.
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