- Associated Press - Monday, December 15, 2014

TRENTON, N.J. (AP) - A New Jersey man who was sentenced to prison earlier this year for running a Ponzi-style real estate scheme has now received more time behind bars.

Federal prosecutors say 39-year-old Eliyahu Weinstein of Lakewood was sentenced Monday to more than 11 years for conspiracy to commit wire fraud, committing wire fraud while on pretrial release and money laundering.

But the bulk of that sentence will run concurrently with the 22-year term he’s now serving, with just two years of his latest sentence having to be served consecutively.

Weinstein admitted defrauding investors in connection with a Facebook initial public offering and real estate deals, then laundered the money. Two other defendants also pleaded guilty to charges stemming from the scheme.

Weinstein’s real estate fraud scheme conned $200 million from investors.



Sign up for Daily Newsletters

Manage Newsletters

Copyright © 2019 The Washington Times, LLC.

Please read our comment policy before commenting.

 

Click to Read More and View Comments

Click to Hide