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Lakewood Real Estate Scammer Sentenced to 22 Years

Eliyahu Weinstein, who admitted his role in $200,000,000 real estate investment scheme, can expect to spend up to 264 months in prison for it while a co-defendant remains on the lam.

The Lakewood 38-year-old, also known as Eli Weinstein, Edward Weinstein and Eddie Weinstein, was also ordered to forfeit $215,400,000 and pay the equivalent in restitution, according to information from the office of New Jersey U.S. Attorney Paul J. Fishman.

Weinstein had previously pleaded guilty to money laundering and conspiracy to commit wire fraud. Vladimir Siforov, his co-defendant, is still evading capture on charges of wire fraud.

According to information from Fishman’s office, Weinstein corralled investors, mainly from his own Orthodox Jewish community, from 2004 until 2011, claiming inside information on properties that could bought and flipped to third parties at handsome profits

Prosecutors said that the marks were usually engaged verbally and told that their money would be held in escrow. Weinstein, prosecutors said, told them that their profits were re-invested into new projects, spending part of it on charitable contributions.

The rest was spent on a spectacular lifestyle that included artwork and collectibles worth millions, jewelry and watches, far-flung gambling junkets, luxury car leases and personal bills, prosecutors said.

Investigators said Weinstein extended beyond the Orthodox enclave when his losses mounted into the millions and his credibility evaporated, continuing the ruse of forged checks, bogus mortgages and deeds, and promises of later wealth.

There is no indication in information from the U.S. Attorney’s office of any parole consideration stipulations.


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