A New Jersey thief who bilked investors out of more than $650 million has been named one of the FBI’s Most Wanted Fraudsters — the first Garden State resident to appear on the infamous list.

Fugitive Rey E. Grabato II is accused of participating in a Ponzi scheme that defrauded some 2,000 investors, hundreds of whom were located in New Jersey, out of more than $650 million between February 2018 and January 2022, according to the FBI.

The agency is offering a reward of up to $150,000 for information that leads to Grabato’s arrest and conviction. 

Federal authorities issued an arrest warrant for him back in October 2022 and the alleged fraudster has been on the run since.

Grabato is wanted on charges of conspiracy to commit securities fraud, securities fraud, conspiracy to commit wire fraud, wire fraud and conspiracy to defraud the United States with respect to tax.

The swindler was acting as the president and majority owner of National Realty Investment Advisors, LLC — a company he operated with co-conspirators — that misrepresented the value of its investment fund reportedly used to acquire equity interests in companies that invested in real estate assets, according to the FBI.

The fugitive also allegedly participated in a separate scheme to impede the IRS in its efforts to collect approximately $26 million in outstanding tax liabilities owed to the US government. 

In October 2022, the two other alleged co-conspirators, Thomas Nicholas Sazano, 64, and Arthur S. Scuttaro, 62, both of whom were leaders of the phony investment firm, were indicted in connection with the $650 million Ponzi scheme and for conspiring to evade $26 million in tax liabilities, NJ.com reported. 

Scuttaro, the company’s former head of sales, pleaded guilty to conspiracy to commit securities fraud. 

The FBI selected Grabato as New Jersey’s first representative to appear on the infamous list for a number of reasons, including the amount of money he allegedly stole from investors, his previous crimes and the number of victims, according to the outlet.

“This isn’t just what we would call just someone on the bottom who was helping out and getting a little kickback,” FBI Newark Supervisory Special Agent Tony Logan told the outlet.

“This was somebody who was definitely one of the main people involved with this scheme, being the CEO.”

Logan said investors who lost money in the massive scheme have not received any restitution and believes the money has since been spent. 

“There is, from our standpoint, no money left,” he added.

Officials said that Grabato, a Hoboken resident, has ties to the Philippines and may be living there. 

He has a Filipino passport and flight records indicate he may have fled to the Philippines, Logan said. 

“Anybody’s guess is as good as ours,” Logan said of Grabato’s whereabouts.  

The FBI’s Most Wanted Fraudsters list, launched in June, focuses on publicly identifying individuals charged with defrauding Americans. 

Three fugitives on the list have already been apprehended.  

The FBI is hopeful that apprehending Grabato will help to bring justice to the thousands of victims he defrauded. 

“We would like to see him brought to justice and have to stand for these crimes and to be able to explain this conduct,” Logan said.

“We will continue to do whatever we can to find this individual,” he added. 

Grabato is described as a Filipino man with black hair who is 5 feet 5 inches tall and weighs 160 pounds.

Anyone with information about his whereabouts is asked to submit a tip at https://tips.fbi.gov/, call 1-800-CALL-FBI, or contact FBI Newark at 973-792-3000.