Eliyahu weinstein wikipedia, News, Net Worth, Wife, lakewood nj: Meet Eliyahu “Eli” Weinstein, a former used car salesman who hails from Lakewood, New Jersey. Back in January 2021, President Donald Trump commuted his 24-year prison sentence, which he served for two different fraud schemes. One of these schemes involved defrauding members of his close-knit Orthodox Jewish community of a staggering sum of over $200 million.
Eliyahu weinstein wikipedia
Eliyahu weinstein news
Recently, federal prosecutors in New Jersey have announced that Weinstein is once again facing fraud charges. Along with four other individuals, he is accused of defrauding dozens of investors out of $35 million. The charges include wire fraud conspiracy and conspiracy to obstruct justice, carrying a possible sentence of up to 25 years in prison for each defendant.
According to the US Attorney for New Jersey, Philip Sellinger, Weinstein used false identities and made false promises to provide access to deals involving limited medical supplies, baby formula and first aid kits intended for wartime Ukraine. This fraudulent activity demonstrated a high level of sophistication and involved multiple co-conspirators, following a pattern similar to Weinstein’s previous fraudulent efforts.
Weinstein has previously been convicted twice in New Jersey federal court of defrauding investors, one case related to a real estate Ponzi scheme and the other stemming from additional fraud committed while on pretrial release. These crimes led to combined losses of approximately $230 million, resulting in a 24-year prison sentence. However, shortly before leaving office, President Trump commuted Weinstein’s term to time served, freeing him from prison after less than eight years of his sentence.
Unfortunately, after his release, Weinstein continued his fraudulent activities. He, along with Aryeh “Ari” Bromberg and Joel Wittels, ran a company called Optimus Investments Inc., using Weinstein’s true identity to hide it in the belief that investors would not trust him if they learned of his involvement. They primarily received investments through a second company, Tryon Management Group LLC, which was owned and controlled by the other two co-conspirators. They offered a seemingly lucrative opportunity to invest in deals to individual investors, mostly friends and family, and transfer the money received to Weinstein through Optimus.
However, shortly after receiving the investor’s funds, Tryon ran into financial problems and was unable to meet its obligations to the investors. To keep the scheme going, Weinstein, Bromberg, Wittels, and Tryon’s owners pooled money from existing investors and used it to make monthly payments to other investors in a Ponzi-like manner. They falsely claim these payments are a legitimate return on investment.
In August 2022, Weinstein’s true identity was revealed in a secretly recorded meeting with Tryon’s owner, where he admitted to misusing investors’ money and making false statements about the alleged Optimus deal. He admitted to using deceptive tactics, including a Ponzi scheme, to cover up their activities.
The case against Eliyahu Weinstein and his co-conspirators represents another chapter in a series of fraudulent schemes that have caused significant financial harm to innocent investors. Federal authorities are now pursuing justice for the victims and demanding appropriate punishment for the accused.
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Source: SCHOOL TRANG DAI
