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Weinstein Arraigned, Co-Defendants Plead Guilty

Eliyahu Weinstein, the onetime Lakewood investment whiz now convicted of running a hundred-million-dollar Ponzi scheme, was arraigned today in connection with alleged scams involving Facebook stock and Florida condos.

Money
Zoonar RF, ThinkStock

In a Trenton federal courtroom, Weinstein pleaded not guilty, while Alex Schleider, 48, of Lakewood, and Aaron Glucksman, 41, of Brooklyn, admitted roles in the scheme asserted by prosecutors in the office of New Jersey U.S. Attorney Paul J. Fishman.

The April 17 indictment charges Weinstein with defrauding investors with bogus claims of Facebook stock before its initial public offering (IPO), and the purchase of an apartment complex in Florida along with seven mortgage notes on condominiums there.

Schleider’s admission of wire fraud leaves him at risk of up to 20 years behind bars and a fine of up to $250,000 at his September sentencing. He agreed to pay forfeit proceeds from the setup, authorities said.

Glucksman was sentenced to 52 months in prison, partly concurrrent with a 36-month term already given to him on unrelated charges, plus three years of supervised release and an order to pay $612,300 restitution.

Glucksman’s guilty plea for wire fraud conspiracy opens the same possible sentence as that to which Schleider’s exposed. Additionally, his plea to a count of transacting in criminal proceeds carries a penalty of up to 10 years in prison and another possible quarter-million-dollar fine.

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