$650M Fraud Lands Filipino on FBI’s Most Wanted List
Filipino Real Estate Executive Added to FBI’s Most Wanted Fraudsters List for $650 Million Ponzi Scheme
What Happened?
A Filipino businessman named Rey E. Grabato II has been added to the FBI’s "Most Wanted Fraudsters" list. He is accused of running a massive Ponzi scheme (a fake investment scam) that stole more than $650 million from about 2,000 investors. The FBI is offering up to $150,000 for information that leads to his arrest.
IMPORTANT POINT
Grabato is considered a fugitive — this means he has been charged with crimes but is hiding from the law. He may be in the Philippines. If you have any information, contact your local FBI office or the nearest U.S. embassy or consulate.
Who Is Rey Grabato?
- Full name: Rey E. Grabato II (also known as Rey Encarnacion Grabato II, Rey Grabato II, Rey Li Encarnacion Grabato)
- Former job: President and majority owner of National Realty Investment Advisors LLC (NRIA)
- Last known locations: Hoboken, New Jersey and the Philippines
- Status: Fugitive — charged but not caught
- Co-conspirator: Thomas Nicholas Salzano (arrested in October 2022)
The $650 Million Ponzi Scheme — Explained Simply
Imagine someone tells you: "Give me your money, I’ll invest it in real estate, and you’ll make big profits!"
But instead of investing, they use new people’s money to pay old investors — and keep the rest for themselves. That’s a Ponzi scheme.
How the Scheme Worked (Step by Step)
- Created a fake-looking fund → Called it "NRIA Partners Portfolio Fund I LLC"
- Lied to investors → Said the company was financially strong and making big profits
- Aggressive marketing → Sent thousands of emails, ran TV/radio/billboard ads, held investor presentations
- Collected money → From about 2,000 investors (hundreds in New Jersey)
- Did NOT invest properly → Generated little to no real profit
- Paid old investors with new investors’ money → Classic Ponzi scheme
- Stole millions → Grabato and partners misappropriated (stole) millions for themselves
Timeline
- February 2018 – January 2022 → Scheme operated
- October 12, 2022 → Federal arrest warrant issued
- June 4, 2026 → FBI launched "Most Wanted Fraudsters" list; Grabato added
Separate Tax Fraud Scheme
Grabato is also accused of a second crime: helping hide $26 million in unpaid taxes from the IRS (U.S. tax agency).
- Timeframe: November 2007 – August 2022
- Charge: Conspiracy to defraud the United States (tax obstruction)
Other Filipinos on the FBI’s Most Wanted Fraudsters List
Grabato is not the only Filipino-connected person on this list. Others include:
| Name | Details |
|---|---|
| Michael Lizaso Marasigan | Filipino & U.S. dual citizen; ties to Guam & Philippines. Convicted May 2025 for illegal gambling, money laundering, wire fraud. |
| John Michael Dimitrion & Julieanne Baldueza Dimitrion | Husband & wife; pleaded guilty 2009 to mortgage fraud in Hawaii. Failed to appear for sentencing July 2010. Stole homes from distressed families by promising to help — then used money for their own lifestyle. Julieanne is a U.S. citizen. $150,000 reward for her capture. |
What Is the FBI’s Most Wanted Fraudsters List?
- Launched: June 4, 2026
- Purpose: Highlight high-profile fraud fugitives the FBI is actively hunting
- Separate from the classic "Ten Most Wanted" list
- Focus: Major fraud offenses (Ponzi schemes, tax fraud, mortgage fraud, etc.)
How You Can Help
If you know where Rey Grabato is — or have any information:
- Call your local FBI office (find it at fbi.gov/contact-us/field-offices)
- Contact the nearest U.S. embassy or consulate (if you’re outside the U.S.)
- Submit a tip online at tips.fbi.gov
- Mention the reward — up to $150,000 for info leading to arrest & conviction
REMEMBER
You can remain anonymous. Your tip could help bring justice to 2,000+ victims.
Summary
- Rey Grabato II, former real estate executive, is on the FBI’s Most Wanted Fraudsters list.
- Accused of a $650 million Ponzi scheme (2018–2022) that defrauded ~2,000 investors.
- Also charged with a $26 million tax fraud scheme (2007–2022).
- Fugitive — may be in the Philippines.
- $150,000 reward for info leading to arrest.
- Joins other Filipino-linked fugitives on the list (launched June 2026).
- Report tips to FBI or U.S. embassy.
FAQ
What is a Ponzi scheme?
A Ponzi scheme is a fake investment scam where the operator pays returns to earlier investors using money from newer investors — not from real profits. It always collapses when new money stops coming in.
Why is Grabato on the "Most Wanted Fraudsters" list and not the regular "Most Wanted" list?
The FBI created this new, separate list in June 2026 specifically for major fraud fugitives — people who stole millions through financial crimes like Ponzi schemes, tax fraud, and mortgage fraud.
What happens if Grabato is caught?
He will face federal charges:
- Securities fraud
- Wire fraud
- Conspiracy to defraud the U.S. (taxes)
If convicted, he could face decades in prison and be ordered to pay restitution to victims.
Can I get the reward if I’m not in the U.S.?
Yes. The FBI works with international partners. Contact the nearest U.S. embassy or consulate — they can forward your tip securely.
How do I know if I was a victim of this scheme?
If you invested in "NRIA Partners Portfolio Fund I LLC" or National Realty Investment Advisors (NRIA) between 2018–2022, you may be a victim. Contact the FBI’s Victim Services Division or the U.S. Attorney’s Office for the District of New Jersey for guidance.