NJ Man Gets 22 Years For $200M Real Estate Ponzi Scheme

Law360, New York (February 25, 2014, 7:25 PM EST) -- A New Jersey man was sentenced to 22 years in prison Tuesday for running a real estate investment Ponzi scheme that bilked members of the Orthodox Jewish community and others out of $200 million, federal prosecutors said.

Eliyahu Weinstein, who pled guilty in January 2013 to conspiracy to commit wire fraud and money laundering, was sentenced in Trenton by U.S. Judge Joel A. Pisano. The 38-year-old Lakewood resident orchestrated the seven-year scam and used the proceeds to bankroll his lavish lifestyle, prosecutors have said. A co-defendant,...
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