New Jersey Man Charged In $200M Real Estate Scheme

A New Jersey man who federal prosecutors say operated a real estate investment scheme that defrauded investors of at least $200 million was arrested Thursday morning at his Lakewood home on charges of bank fraud and wire fraud.

A federal judge in Newark ordered Eliyahu Weinstein detained pending a bail hearing scheduled for Tuesday. Weinstein's attorney, Ephraim Savitt, had sought his client's release, disputing claims he was a flight risk.

Weinstein never owned many properties he claimed were his and sold his fake and real interests multiple times using forged deeds and other bogus documents, prosecutors said. They also claimed he played off his connections to the Orthodox Jewish community, exploiting its customs and business practices to bilk victims.

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