Property Scam Victims Drop Suit in Favor of Bankruptcy Process

Victims of an alleged $630 million real estate Ponzi scheme obtained a federal court’s dismissal of their suit Wednesday after explaining that a liquidation trustee agreed to pursue recovery for them.

The suit against alleged perpetrators of the National Realty Investment Advisors LLC scheme will be dismissed with the door open to re-filing, Judge William J. Martini said for the US District Court for the District of New Jersey.

• Investors were ensnared by memberships that promised guaranteed annual returns, 30 victims said in an amended complaint, which deleted claims on behalf of a proposed class
• The case was paused ...