Monday, January 16, 2023

Israeli man swindled $47m. from Orthodox Jews in Ponzi scheme - SEC

A 35-year-old man who allegedly bilked Orthodox Jewish investors in Los Angeles and New Jersey out of $47 million and then fled to Israel has been charged by the US Securities and Exchange Commission with using the proceeds to fund a lavish lifestyle.

The SEC alleged in a lawsuit filed Thursday, Jan. 12, in US District Court that from December 2018 to January 2021, Yossi Engel induced at least 29 individuals to invest in his company, iWitness Tech, LLC by claiming their funds would be used to purchase and install security camera equipment.

Additionally, Engel also allegedly promised that investor funds would be used to purchase property in Israel that would be developed and sold.

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