Tags: Ponzi | investment | Facebook | fraud

Ponzi Schemer Serving 22 Years Pleads Guilty in Facebook Scam

Wednesday, 03 September 2014 03:37 PM EDT

A New Jersey man serving 22 years in prison for a $200 million Ponzi scheme pleaded guilty to his role in a separate fraud involving the initial public offering of Facebook Inc.

Eliyahu Weinstein, 39, also admitted Wednesday in federal court in Trenton, New Jersey, that he defrauded investors in several real estate deals and that he laundered proceeds of the schemes, according to U.S. Attorney Paul Fishman.

At the time of the fraud, Weinstein was under indictment for a real-estate scam that led to his 22-year prison term. He faces as many as 30 additional years on the most serious charge he admitted to Wednesday.

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Personal-Finance
A New Jersey man serving 22 years in prison for a $200 million Ponzi scheme pleaded guilty to his role in a separate fraud involving the initial public offering of Facebook.
Ponzi, investment, Facebook, fraud
106
2014-37-03
Wednesday, 03 September 2014 03:37 PM
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