08/13/2010 // West Palm Beach, FL, USA // Tara Monks // Tara Monks
Lakewood, NJ – A member of Lakewood’s community was arrested by federal agents Thursday, August 12, 2010, and charged with running a $200 million ponzi scheme, as reported by the Star-Ledger.
Eli Weinstein, a 35-year-old real estate investor and former used car salesman, was taken into custody from his home and charged with bank and wire fraud for allegedly running an investment fraud scheme, according to the U.S. Attorney’s Office in Newark.
In a complaint filed in federal court, attorneys charge that Weinstein “engaged in a brilliant but diabolical pyramid scheme,” that “forged or created multiple deeds, transfer documents, corporate documents and other financial records, and convinced his ‘investors’ to loan or invest hundreds of millions of dollars to acquire interests in properties” that were never purchased.
Weinstein will face a U.S. District Court judge in Newark for a hearing Thursday, August 12.
Weinstein and two of his partners, including Vladimir Sifovrov, owner of a New York trucking business and purported real estate broker, are accused of preying on members of the Orthodox Jewish community throughout the world. Many of the victims of the scheme had known each other since childhood. Prosecutors point out that Weinstein capitalized on their shared social and religious beliefs.
The complaint adds that Weinstein never owned property he claimed to own in many cases, and he repeatedly sold his fake and real interests multiple times.
The Star-Ledger also reports that Weinstein was tied into at least one real estate deal with Solomon Dwek, the government informant who was involved in a sting that led to the arrests of over 40 politicians and religious figures in 2009.
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