Israel Paper: Arrests of 'next Madoff' over alleged $300 million Ponzi scheme

Discussion in 'Politics' started by tradingjournals, Aug 12, 2010.

  1. Ponzi schemes in real-estate?

    Hareetz, an Israel Newspaper, 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.

    According to reports, Weinstein used the money he made off his victims' investments to buy antique Judaica worth more than $ 6.2 million and jewelry worth more than $7.6 million.

    A lawyer for one of the plaintiffs who filed a claim against Weisntein said that he transferred more than $140 million to charity organizations as a cover.

    Another victim called him the "next Bernard Madoff," as many of his alleged victims apparently lost everything because of his scheme.

  2. Yes, <i>some</i> Jews are scumbag kikes... but the 99%+ of us who <i>aren't</i> like that hate them even more than you do.
  3. I agree that 99.999...%+ are great people. Also, notice that they are the victims of the bad deeds. If you read the Haaretz, you will notice that there are some outstanding great, just, honest, and righteous journalist.

    I was just struck by how people were taken advantage of even when the supposed asset is a property. Good people trust others too much, maybe because they cannot see how bad some other humans can be.

    This is about the Jewish people as victims. The guy who did it is not Jewish in my view, even if he were to call himself so.