Lakewood, NJ – Accused real estate Ponzi schemer Eliyahu Weinstein remains in jail as his attorney continues to develop a plan to seek his release.
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Attorney Ephraim Savitt told U.S. Magistrate Judge Patty Shwartz that he had not been able to have his plan vetted by the court’s pretrial services department, nor had the U.S. Attorney’s Office seen it.
Savitt said the plan would include $5 million bail secured by property and home confinement. Under the proposal, Weinstein, of Lakewood, would be allowed exceptions for visits by his attorney and religious services.
Assistant U.S. Attorney Zach Intrater continued the government’s argument against bail for Weinstein, calling Weinstein a flight risk.
With Weinstein facing 50 years in prison, Intrater said he has “great motivation to flee.”
Savitt argued that Weinstein knew a federal case was being built against him for the past two years, but still returned home from his many overseas trips.
“He aims to deal with this case in persona, not as a fugitive,” Savitt said.
Shwartz told the attorneys she would be available all week to preside over the bail hearing.
Weinstein was arrested Thursday on counts of wire fraud and bank fraud. His alleged partner in the scheme, Manalapan resident Vladimir Siforov, is still at large.
Authorities charged that the two defrauded a Chicago-based bank and a London-based investor out of at least $200 million. The schemes involved land deals, according to the indictment.
Weinstein, his associates and entities controlled by him are the defendants in civil lawsuits filed in a handful of states. To date, judges have awarded his accusers hundreds of millions of dollars in judgments.
Loz er zitsen
Reply to no.2 Its Halacha lmoishe misinei that sof ganef letliya yes zol er zitzen till he does teshuva and returns the monies to his innocent victims and families
And what about his kinderlech maybe he pays every1 back fine him and out
How about he dan lekaf zechus another yid, ellulll
I for one feel bad that he wasn’t yet allowed out on bail. There is nothing to be gained to have him sit in jail awaiting trial. I’m sure if allowed out on bail he will try to work out with his creditors and others to try to start paying some of the money, more so if he is just sitting incacerated.That’s just my opinion, and you’re entitled to disagree with me.
Raboisei, where is your rachmanus? Although I also agree that he did something horrible, but to say that he should sit without having any mercy on him is just as horrible! 50 years????? Do you have any idea how long 50 years is? It’s unthinkable to have a yid sitting in jail for 50 years. True he did something terrible, but where in the torah does it say that if someone stole he should have his entire life flushed down the toilet. Every single jew can do teshuva. I’m shocked that someones own bretheren can be so heartless!!! Nebech on us all!!!
#9 : I too am shocked that someone could be so heartless. Mr. Weinstein preyed on this community and stole millions of dollars. Taking someone’s money is not much different than retzicha. I believe your sympathies are misplaced. If we wish to eradicate ponzi schemers who pray on our community, we need to show more outrage where it belongs.
You know something I deeply regret my statement and if Mr Weinstein evr comes accross this blog, I personally would like to ask him mechilah. I made the comment out of ignorance and spite. I realize that din has to be performed by the almighty and everyone will face it ultimately. We all do wrong things in our life and we all will need heavenly mercy one day. If I want heavenly mercy when I am being judged, it will be appropiate that I exhibit that trait when someone else in in the hot seat. Once again I retract that comment
to # 9 i THINK the torah calls it something like deena d’malchusa.
Reply to #4 .
You must be the person very Makpid for halocho. If you so quote “sof ganev letliya, why have him sit. Hang him. Do you still have yiddish blood in your body?
Mr. Bigwheel, once again – I repeat. He’s wrong. But so is our willing him to rot in jail. Especially that he has 6 children that will be fatherless for the next 50 yrs
cool masmid Says:
I for one feel bad that he wasn’t yet allowed out on bail. There is nothing to be gained to have him sit in jail awaiting trial. I’m sure if allowed out on bail he will try to work out with his creditors and others to try to start paying some of the money, more so if he is just sitting incacerated.That’s just my opinion, and you’re entitled to disagree with me.
yes, and there is no reason to fear that someone who SAID he could disappear might actually do so if given the opportunity. and of course he will try to make arrangements to pay back what he stole, because that is what thieves do!
#28 : I am sorry but you appear to be a bit naive. Mr. Weinstein took other people’s money fraudulently. He diverted it for his own purposes and spent lavishly. He certainly did not invest the monies as promised. This is what ponzi schemers do. He very likely lost a majority of the money and is not in a position to pay back what he took. In fact, even his grandchildren probably couldn’t earn enough to pay back what he took! Please, put yourself in the position of the people who lost perhaps everything they ever had. How does it feel?
I am not going to defend Eli Weinstein but he just took advantage of what PT Barnum used to say “A sucker is born every minute.” His so called investors were greedy and did not learn their lesson from Madoff or the other ponzi schemers. I cry for neither side, the investors should have realized that no one makes such large returns on their money so easily. In the stock market There is a bear market and a bull market, if you are smart you can profit in a bear market or a bull market but a CHAZER never profits!
#30 : You unfortunately are saying something. However, Mr. Weinstein started his fraudulent activities years ago, even before Mr. Madoff’s ponzi scheme was revealed. Yes, Mr. Weinstein is not the first to prey on this community. In fact, this very same scenario happened but 15 years ago and yet people still throw money at these inexperienced youngsters who likely never made a dime in their lives. People who certainly should know better. I often wonder who is crazier — the ponzi schemer or the enablers. Please, let this be the last fraudster to prey on our community.
#28 : I am sorry but you appear to be a bit naive. Mr. Weinstein took other people’s money fraudulently. He diverted it for his own purposes and spent lavishly. He certainly did not invest the monies as promised. This is what ponzi schemers do. He very likely lost a majority of the money and is not in a position to pay back what he took. In fact, even his grandchildren probably couldn’t earn enough to pay back what he took! Please, put yourself in the position of the people who lost perhaps everything they ever had. How does it feel?
i guess you didnt catch my sarcasm- what i meant, without the sarcasm, was that someone who SAID he would flee should NOT be let out on bail. that type of statement would make him a flight risk.
Yes, there is plenty to be gained by keeping him in jail. If nothing else it will act as a deterrent to others who might want to emulate him and rip off their fellow Jew. This will make them think twice before they steal millions from innocent people.
Pay back his creditors? Surely you jest. His creditors are up a creek without a paddle.
Oh, by the way. Thank you for giving us “permission” to disagree with you.
To number 32: It’s very old and tiring to hear people like you protecting out and out ganovim. It means NOTHING to the victims that he comes from, a distinguished family and has a remarkable family. So do his VICTIMS.
Coming from a distinguished family does not make him a better person. But, as I don’t know this man and I am not affected by his schemes, I prefer to be dan l’kaf zechus. I feel bad for him, and his wife and kids. Nowadays everything is put out on the internet and everyone knows about everything, true or not, so even if someone is innocent he has to suffer the shame and embarrassment of all the publicity, and everyone’s comments on his deeds, whether or not they are accurate.
#36 : basmelech please go back to your place at home. You clearly have no understanding of what it means to be scammed by a ponzi schemer. Especially, when he is one of our own and wrongfully earned the trust of the community. It is sad for his family, however, your sympathies are misplaced for it is sadder for his victims. And, rest assured where there is smoke there is fire. We, the community, have been here before and need to stop trusting people. There are bad people who would do this as unimaginable as it is. He is not innocent and do not be don lekaf zechus!
cool masmid Says:
Reply to #10 Show Quote
Anonymous Says:
“ madoff is jewish yet i dont see u running a capaign to have him released! im sure if he got out of jail he would do a teshuva shlayma. ”
If you don’t know the difference between Madoff and Eli Weinstein, then you don’t know who Madoff is and for sure don’t know who Eli Weinstein is. Leaving aside all of this, he has a remarkable family and he comes from a distinguished family, and YES all of this does mean something. If it does to a sentencing judge (with most judges- not Judge Reade) then I think acheinu bnei yisroel should show the same compassion for Eli Weinstein and his family.
it means zero since he stole millions of dollars are the victims supposed to say oh well at least I was ripped off by a person who comes from a chusheva family. Give me a break.
At do not forget that some robbonum where blind to his action because he gave them money not the firdt time and not the last