According to the Complaint, this is an action on behalf of the class of persons who purchased “membership units” in the NRIA Partners Portfolio Fund I LLC during the Class Period. The Complaint alleges Defendants promoted the fund as a billion-dollar real estate development firm focused on developing townhomes, luxury residences and other properties, and that investors were told the fund purchased land or property at below-market prices and then developed the land or property to sell for profit.

The Complaint alleges that Defendants used NRIA and the NRIA Fund to carry out a fraudulent scheme, including making and disseminating material misrepresentations, and effectuating a Ponzi scheme to divert millions of dollars invested in the NRIA Fund for their own personal gain.

Plaintiffs filed an amended Complaint on March 31, 2023. The amended Complaint removed the class action allegations.

On February 25, 2025, Plaintiffs voluntarily dismissed the case.