WOBM Four days before the start of his federal trial, Eliyahu Weinstein of Lakewood has admitted running a $200,000,000 real-estate investment scam and laundering the money. [...]
His plea bargain leaves him at risk for up to 25 years in prison at his scheduled April 2 sentencing. He’ll also be required to serve three years supervised release, submit an accounting of all money accrued in the scam, pay restitution to victims, and give up seized property valued at $2,000,000. [...]
Prosecutors contend that Weinstein initially targeted members of the Orthodox Jewish community to which he belonged, using his knowledge of customs and traditions to enhance his credibility in what legal experts call affinity fraud.
According to investigators, Weinstein took advantage of the Orthodox practice of trust-based transactions, convincing investors that they money was being rolled over into new ventures. He spread beyond the Orthodox circle, authorities contend, in April 2010 when mounting losses sank his reputation.
According to investigators, Weinstein took advantage of the Orthodox practice of trust-based transactions, convincing investors that they money was being rolled over into new ventures. He spread beyond the Orthodox circle, authorities contend, in April 2010 when mounting losses sank his reputation.







