Haredi Ponzi Schemer Convicted
Shmarya Rosenberg • FailedMessiah.com
A 43-year-old haredi man from Bnei Brak has reportedly been convicted in a Tel Aviv court of running a Ponzi scheme that stole more than 5 million shekels from fellow haredim.
The man used investors’ money to purchase an apartment for himself. He also deposited investors’ money in his personal bank accounts and used investors’ money to buy other personal things.
When the worldwide economic downturn hit, he was unable to keep the Ponzi scheme running. Investors took him to court, which lead to the criminal indictment and conviction.
The Ponzi schemer’s sentence has not yet been handed down.
[Hat Tip: The Lion.]