Lakewood Man Sentenced in Investment Fraud Scheme

A Lakewood man heads to prison for a year and a day after admitting guilt in a Florida-based investment fraud scheme. The sentencing follows 49-year-old Alex Schleider's guilty plea earlier this year in a scheme that defrauded investors out of more than $1 million dollars.

Schleider and his business partner Eliyahu Weinstein of Lakewood and another alleged partner, persuaded victims to invest in a Florida condo where investors were told that their money would be used to purchase an apartment complex. Instead, the money was diverted from a Miami law firm's escrow account and used to pay a purported return on another investment scam as well as the personal expenses of the investment partners.

Schleider pled guilt to an information charging him with one count of wire fraud. He originally faced up to 20 years behind bars and a $250,000 fine. In addition to the one year prison term, Schleider was ordered to serve three years of supervised release, ordered to pay restitution of $613,200 and forfeit $363,200.