Real estate scammers target Orthodox Jews

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
Jake Glatzer, president, acquisition, Acier Holdings and rendering of The Halo Newark (Acier Holdings, INOA ARCHITECTURE)
Acier scores $90M loan for high-rise Newark project
Acier scores $90M loan for high-rise Newark project
Accurate Builders & Developers CEO Jack Klugmann and a rendering of CitiSquare Newark
Newark takes big swing with 11-building complex
Newark takes big swing with 11-building complex
Cabot CEO Franz Colloredo-Mansfeld and RBH Group CEO Ron Beit (RBH, Cabot)
Indoor farm in Newark trades hands for $21M
Indoor farm in Newark trades hands for $21M
707 Broad Street and 153 Halsey Street with Managing Partner of Hanini Group Samer Hanini, SHIFT Capital’s CEO Brian Murray, and principal investor at CoInvestment Partners Piyush Bhardwaj. (Google Maps, LinkedIn)
Development trio wagers $150M on Newark’s struggling office market
Development trio wagers $150M on Newark’s struggling office market
Fairstead makes $85M senior housing play in Newark
Fairstead makes $85M senior housing play in Newark
Fairstead makes $85M senior housing play in Newark
Omni’s Garden Spires residents allege leaks, mice infestations
Omni’s Garden Spires residents allege leaks, mice infestations
Omni’s Garden Spires residents allege leaks, mice infestations
A view of the development site with Bears & Eagles Riverfront Stadium and Madison Realty Capital’s Josh Zegen (City of Newark, Wikimedia/buba69)
NJ developer lands $400M apartment loan
NJ developer lands $400M apartment loan
Newark puts restrictions on businesses amid spike in Covid-19 cases (Getty)
Newark restricts businesses again to curb Covid spike
Newark restricts businesses again to curb Covid spike
arrow_forward_ios

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

Loading...