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Thread: FBI arrests 'next Madoff' over alleged $300 million Ponzi scheme

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    Post FBI arrests 'next Madoff' over alleged $300 million Ponzi scheme

    Eliyahu Weinstein is suspected of bogus real estate deals with Jewish clients in U.S., London, and Israel.

    American business developer Eliyahu Weinstein was arrested Thursday for allegedly stealing tens of millions of dollars from investors as part of a Ponzi scheme, according to U.S. news reports.Weinstein, 35, an Orthodox Jew from Lakewood, New Jersey, is suspected of bilking Orthodox investors in the U.S., London, and Israel out of more than $300 million through fake real estate deals, selling the same property to several investors. The former car salesman is suspected by the FBI of taking advantage of his connections with the Haredi and Jewish communities in New York, New Jersey, Florida, and California to persuade wealthy clients to invest in bogus real estate deals
    FBI arrests 'next Madoff' over alleged $300 million Ponzi scheme - Haaretz Daily Newspaper | Israel News

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    Re: FBI arrests 'next Madoff' over alleged $300 million Ponzi scheme

    Anyone read Jailbird by Vonnegut? It's kinda funny cause in the jail Starbuck is kept at he meets a dude who is in jail for the second time after making millions in a ponzi scheme. He loved America because he was a millionaire twice over and claimed he would be again when he got out. Of which Starbuck had no doubt because he knew when he got released, he'd just make another ponzi scheme. The frequency of these things just made me think of that book. Vonnegut rocks!
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    Re: FBI arrests 'next Madoff' over alleged $300 million Ponzi scheme

    Good thing, this was halted, before it went even further.

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    Re: FBI arrests 'next Madoff' over alleged $300 million Ponzi scheme

    This is barely in the top-5 since Madoff.

    Gotta work harder to get that paper
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    Re: FBI arrests 'next Madoff' over alleged $300 million Ponzi scheme

    Quote Originally Posted by Ikari View Post
    Anyone read Jailbird by Vonnegut? It's kinda funny cause in the jail Starbuck is kept at he meets a dude who is in jail for the second time after making millions in a ponzi scheme. He loved America because he was a millionaire twice over and claimed he would be again when he got out. Of which Starbuck had no doubt because he knew when he got released, he'd just make another ponzi scheme. The frequency of these things just made me think of that book. Vonnegut rocks!
    No, but it sounds interesting, i'm going to have to check it out.

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    Re: FBI arrests 'next Madoff' over alleged $300 million Ponzi scheme

    Quote Originally Posted by RightinNYC View Post
    This is barely in the top-5 since Madoff.

    Gotta work harder to get that paper
    My favorite was the implosion of Towers Financial in the early 1990's. They had boiler rooms in several large cities, where they had telemarketers calling businesses to convince them to give them their accounts receivables, of which very little, if any, was actually going to be collected. They were able to get control of a couple of hundred million dollars of worthless paper, then attempted to use it as collateral to purchase the Washington Post. LOL.
    Last edited by danarhea; 08-13-10 at 12:22 AM.
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