Real estate scammers target Orthodox Jews

TRD New York /
Aug.August 12, 2010 02:00 PM

Two men have been charged with fraud in an alleged $200 million real estate scheme that targeted Orthodox Jews in four states and overseas, the Wall Street Journal reported. Vladimir Siforov of New York and Eliyahu Weinstein of New Jersey are expected to appear in federal court in Newark later today. Weinstein, a real estate investor, allegedly exploited the social and business customs of the Orthodox Jewish community to carry out the scheme, according to the criminal complaint filed by the U.S. Attorney’s office in Newark. Weinstein allegedly used some of his victims’ money to amass a substantial collection of art, jewelry and Judaica, worth a total of about $6.2 million. Prosecutors allege that Weinstein used his contacts in the Jewish community to meet potential investors, claiming that he had another party lined up to buy or rent the property, but the buyers were actually other members of the scheme. When investors tried to collect their earnings, Weinstein allegedly ignored them, made promises to pay or paid a smaller amount. Weinstein also maintained multiple passports so “if I want to run away, I can,” he told one investor, the complaint says. [WSJ]

 

Related Articles

arrow_forward_ios
In and around Newark’s Ironbound, projects proliferate

In and around Newark’s Ironbound, projects proliferate

In and around Newark’s Ironbound, projects proliferate
From left: The Blau and Berg Company's Karine Blanc, TD and Partners' Nana Duncan and Lemor Development Group's Kenneth Morrison (Credit: Blauberg, TD+Partners and Lemor)

Black developers say partnerships aren’t always equal

Black developers say partnerships aren’t always equal
Concept plans for 'The Halo' at 289-301 Washington Street and Meridian Capital Investment's David Schechtman - provided by Meridian Capital Investments/ Minno Wasko

Developer seeks $40M for Opportunity Zone site in downtown Newark

Developer seeks $40M for Opportunity Zone site in downtown Newark
Clockwise from the upper left: Advance, Greek break ground at logistics center in Linden, home designed by Frank Lloyd Wright in Glen Ridge back on the market, Prism Capital pens Woodbridge site acquisition, Lone Star Funds offloads Montvale office

American Dream in East Rutherford finds a sponsor, Frank Lloyd Wright-designed home lists in Glen Ridge & more North Jersey real estate news

American Dream in East Rutherford finds a sponsor, Frank Lloyd Wright-designed home lists in Glen Ridge & more North Jersey real estate news
Joy Construction's Eli Weiss (top) and Maddd Equities' Jorge Madruga with 765 Broad Street in Newark (Credit: Google Maps and Getty Images)

Joy Construction, Maddd Equities land $34M loan for Newark building

Joy Construction, Maddd Equities land $34M loan for Newark building
From Left to Right: Whole Foods pens leases at Harborside, Englewood luxury rental complex hits the market, Prism retains architect at ON3, JMF breaks ground at Glen Ridge

Mack-Cali brings Whole Foods regional HQ to Jersey City, $85M Englewood apartment complex for sale & more North Jersey real estate news

Mack-Cali brings Whole Foods regional HQ to Jersey City, $85M Englewood apartment complex for sale & more North Jersey real estate news
From left to right: Advance, Greek Development secure financing for Avenel cold storage facility, West Orange acquires Rock Spring Golf Club, Jersey City advances hotel proposal near Liberty State Park, Multi-use North Hoboken redevelopment moves forward.

New Jersey Cheat Sheet: Englewood mansion takes 75% price cut, Rock Spring Golf Club in West Orange sold for $11.1M… & more

New Jersey Cheat Sheet: Englewood mansion takes 75% price cut, Rock Spring Golf Club in West Orange sold for $11.1M… & more
New Jersey Cheat Sheet: Toys ‘R’ Us unloads former Wayne HQ, Gov. Murphy touts Opportunity Zone awards… & more

New Jersey Cheat Sheet: Toys ‘R’ Us unloads former Wayne HQ, Gov. Murphy touts Opportunity Zone awards… & more

New Jersey Cheat Sheet: Toys ‘R’ Us unloads former Wayne HQ, Gov. Murphy touts Opportunity Zone awards… & more
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...