Robert J. Vitale and Realty Acquisitions & Trust, Inc. Accused of Committing Securities Fraud, Investigated by Securities Lawyers

Robert J. Vitale and Realty Acquisitions & Trust, Inc. (“RATI”) made numerous materially false and misleading statements in connection with four real estate securities offerings of Realty Acquisitions & Trust, Inc., according to a complaint filed by the Securities and Exchange Commission (“SEC”). The Peiffer Rosca law firm’s securities practice attorneys are investigating the matter.

Vitale formed Realty Acquisitions & Trust, Inc. in 2004 with the intent of having Realty Acquisitions & Trust, Inc. acquire, improve, and sell at a profit, residential and commercial real estate in South Florida. Vitale and Realty Acquisitions & Trust, Inc. sought investors in four securities offerings for Realty Acquisitions & Trust, Inc. – Series A, B, C, and D offerings, according to the complaint. The Private Offering Memoranda for the offerings stated that investors in the offerings were entitled to share in the future proceeds of the sales of certain residential and commercial South Florida properties, which were to be purchased, renovated and improved using the offerings’ proceeds, and ultimately resold, all under the direction of Vitale and Realty Acquisitions & Trust, Inc., according to the SEC.

The securities were never registered with the SEC, however, Vitale and Realty Acquisitions & Trust, Inc. sold at least $8.7 million worth of Realty Acquisitions & Trust, Inc. offerings’ shares to at least 52 investors, according to the complaint. 

Vitale and Realty Acquisitions & Trust, Inc. made a number of materially false and misleading statements and omissions in connection with the sale of the securities, according to the SEC. The offering materials falsely represented Vitale’s credentials in addition to the credentials of other purported Realty Acquisitions & Trust, Inc. officers, according to complaint. Vitale described himself as a financial expert who graduated from Notre Dame with a degree in business, but in fact, had never attended college and graduated from Notre Dame High School in West Haven, Connecticut, according to the SEC.

The offering materials also falsely represented that Vitale’s brother, purported RATI Vice President Anthony Vitale, held a degree in business finances and owned an oil company, according to the SEC. Anthony did not graduate from college and merely worked in a sales position for an oil company, according to the complaint.

Vitale and Realty Acquisitions & Trust, Inc. also made numerous material misrepresentations concerning the safety and security of an investment in Realty Acquisitions & Trust, Inc., claiming that investors’ principal investment is “always 100% protected,” according to the SEC. However, Realty Acquisitions & Trust, Inc. and Vitale knew that when that statement was made, RATI investors’ fund were not “100% protected,” according to the SEC. 

Vitale and Realty Acquisitions & Trust, Inc. also purchased eleven properties with investor proceeds where Vitale and Realty Acquisitions & Trust, Inc. made only approximately 20% down-payments on each property, took out mortgages on the balances, and titled none of the properties in Vitale’s own names and two other in the name of his mother, Ann Vitale, according to the SEC.

The Peiffer Rosca attorneys often represent investors who lose money as a result of Ponzi schemes, investment fraud, or stockbroker misconduct. They are currently investigating the possibility of assisting investors with the recovery of any losses they may have suffered in connection with Robert J. Vitale and Realty Acquisitions & Trust, Inc. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.

Investors who believe they may have lost money as a result of their investment with Robert J. Vitale and Realty Acquisitions & Trust, Inc. may contact the securities lawyers at Peiffer Rosca, Alan Rosca or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 888-998-0520.

Alan Rosca (1144 Posts)

Alan is a securities lawyer. He also teaches Securities Regulation at the Cleveland-Marshall College of Law. He focuses his legal practice on complex commercial and financial litigation and arbitration, particularly in the areas of securities and investment fraud. His office is in Cleveland, Ohio.


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