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Real estate fraud nets NJ man 22 years in prison

Local News | Feb 26, 2014

Real estate fraud nets NJ man 22 years in prison

TRENTON, N.J. (AP) — A New Jersey man has been sentenced to 22 years in prison in a $200 million real estate fraud scheme.

Eliyahu Weinstein of Lakewood was also ordered Tuesday in federal court in Trenton to make restitution.

Starting in 2004, prosecutors say Weinstein used forged documents and bogus deeds to get real estate investors to give him millions of dollars with the promise of hefty returns on flipped properties.

Prosecutors say he took advantage of the Orthodox Jewish community’s practice of engaging in transactions on trust.

The government says he used some of the proceeds to make big charitable donations so he could boost his standing in the Orthodox community.

He also used his illegal gains to build a multimillion-dollar jewelry collection, lease luxury cars and gamble in Las Vegas.