New Jersey Thief Named to FBI’s Most Wanted Fraud List
A thief from New Jersey, responsible for defrauding investors of over $650 million, has made it onto the FBI’s most wanted fraudsters list. Notably, he is the first individual from the Garden State to be included in this notorious ranking.
Ray E. Gravato II is the fugitive in question. He allegedly took part in a Ponzi scheme that scammed around 2,000 investors—many from New Jersey—between February 2018 and January 2022, as reported by the FBI.
The federal agency has placed a bounty of up to $150,000 for information leading to Gravato’s capture and conviction. An arrest warrant was issued for him in October 2022, but he has managed to evade authorities since then.
Gravato faces multiple charges, including securities fraud and conspiracy to commit U.S. tax fraud. The FBI claims he was the president and primary owner of a company, National Realty Investment Advisors LLC, where he allegedly inflated the value of investment funds that were supposedly used for buying shares in real estate-related companies.
Additionally, he is accused of being involved in an operation designed to obstruct the IRS from collecting approximately $26 million in unpaid federal taxes.
In October 2022, two of Gravato’s alleged accomplices, Thomas Nicholas Sazano, 64, and Arthur S. Scuttaro, 62, were indicted for conspiring to evade $26 million in tax obligations related to the Ponzi scheme. Scuttaro has since pleaded guilty to charges of conspiracy to commit securities fraud.
The FBI has expressed that the extraordinary amount of money taken, alongside Gravato’s criminal history and the sheer number of affected victims, are reasons for his spot on the list.
FBI Newark’s Supervisory Special Agent Tony Logan remarked, “This isn’t about some minor player getting a small kickback. Gravato was one of the key figures in this operation, holding the title of CEO.”
Logan emphasized that investors who lost their money thus far have not been compensated and may never see their funds again, implying that the stolen money has likely been consumed.
Gravato, a resident of Hoboken, is believed to have connections to the Philippines and might currently be living there. Reports indicate he possesses a Philippine passport, and flight records imply he may have fled the country.
While there’s no definitive knowledge of his current location, Logan acknowledged that “anyone’s guess is as good as ours.”
The FBI launched its Most Wanted Fraudsters list in June to publicly name individuals suspected of defrauding Americans. So far, three fugitives from this list have been apprehended.
The agency hopes that catching Gravato will provide a sense of justice to the numerous individuals he has defrauded. “We want him to face the music for his actions and clarify his behavior,” Logan stated, adding that the FBI remains committed to tracking him down.
Gravato is described as a Filipino male with dark hair, standing 5 feet 5 inches tall and weighing around 160 pounds.
Anyone who has information about his whereabouts is encouraged to reach out via https://tips.fbi.gov/, call 1-800-CALL-FBI, or contact FBI Newark at 973-792-3000.
