Read the latest news relating to investor claims and broker fraud.

Real Estate Investor Indicted in Alleged $200 Million Ponzi Scheme

Posted on Nov 10, 2011

36-year-old Eliyahu Weinstein has been charged by a federal jury in an investment scam that prosecutors claim began with Mr. Weinstein targeting fellow Orthodox Jews. After six years of targeting his own community, Mr. Weinstein allegedly broadened his pool of investors in 2010. The Ponzi scheme is said to have cost investors about $200 million.

The US Attorney specifically says that Mr. Weinstein sold real estate investments for properties that he did not own and properties that did not exist. Instead of investing the money as instructed by his investors, Mr. Weinstein allegedly used the money on jewelry, art, gambling, and to pay bills.

Mr. Weinstein is expected to plead not guilty to the charges against him.

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