Contact Us

Lakewood Investment Scammer Faces Up to 25 Years; Co-Defendant On The Lam

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.

In U.S. District Court Judge Joel A. Pisano’s courtroom in Trenton, the 37-year-old also known as Eli Weinstein, Eddie Weinstein and Edward Weinstein pleaded guilty to one count of wire fraud conspiracy and one count of money laundering.

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.

Weinstein’s co-defendant, Vladimir Siforov, remains a fugitive from three counts of wire fraud, according to information from New Jersey U.S. Attorney Paul Fishman’s office.

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.

Investigators say that from June 2004 until August 2011, Weinstein and Siforov orchestrated the scheme by convincing investors that they’d be buying low and selling high – buying properties below market rates and flipping them, with the money held in escrow until closing, and reinforcing the facade with bogus mortgages, deeds and checks.

Prosecutors say that the money was also spent on Judaic relics and art, jewelry and watches, luxury car leases, gambling trips and millions of dollars in credit card and legal payments.

 

Best of the Web

Leave a Comment

It appears that you already have an account created within our VIP network of sites on . To keep your points and personal information safe, we need to verify that it's really you. To activate your account, please confirm your password. When you have confirmed your password, you will be able to log in through Facebook on both sites.

Forgot your password?

*Please note that your points, prizes and activities will not be shared between programs within our VIP network.

It appears that you already have an account on this site associated with . To connect your existing account with your Facebook account, just click on the account activation button below. You will maintain your existing profile and VIP program points. After you do this, you will be able to always log in to http://wobm.com using your Facebook account.

*Please note that your points, prizes and activities will not be shared between programs within our VIP network.

Please fill out the information below to help us provide you a better experience.

Register on 92.7 WOBM quickly by logging in with your Facebook account. It's just as secure, and no password to remember!

Not a Member? Sign Up Here

Register on 92.7 WOBM quickly by logging in with your Facebook account. It's just as secure, and no password to remember!