Grand Jury Indicts NJ Real Estate Ponzi Schemer

Law360, New York (October 27, 2011, 7:31 PM EDT) -- A federal grand jury on Thursday indicted a New Jersey man who prosecutors say ran a $200 million real estate Ponzi scheme that ripped off fellow Orthodox Jews in several U.S. states and overseas.

Eliyahu "Eli" Weinstein, 36, was indicted on 45 charges, including wire fraud, bank fraud and money laundering. Two of the fraudulent wire transfers occurred while Weinstein was out on bail after he was originally arrested in August 2010, according to the indictment.

"According to the indictment, Weinstein’s exploitation of investors’ trust was...
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