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It took a thief: Eliyahu Weinstein Sentenced to 22 years for $200 million fraud of fellow Orthodox Jews

By   /   March 11, 2014  /   No Comments

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Weinstein also used a portion of the fraud’s proceeds to fund “charitable and religious contributions,” in the Haredi community. With names like Joy for Our Youth, and Kars 4 Kids, Weinstein was able to use the charities for three important purposes in his schemes:

– to launder funds;
– to enhance his reputation in the community, increasing trust among his victims,
– to leverage rabbis and community leaders to introduce him to new victims

According to the 45-count federal indictment brought by the FBI in August, 2010, Weinstein used 69 Jewish charities to launder at least $140 million.

In one case a victim, Florida investor Harvey Wolinetz, who invested a total of $79 million with Weinstein in several real estate deals, received a payment of $320,000 from Kars 4 Kids, Weinstein’s charity.

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