Lakewood, NJ – Federal authorities continue to probe the dealings of a Lakewood real estate investor charged with having masterminded a $200 million Ponzi scheme that preyed on members of the Orthodox Jewish community.
Eliyahu Weinstein, 35, was charged Thursday with one count each of bank fraud and wire fraud, and remains incarcerated at least until a bail hearing scheduled for Tuesday.
“The investigation is continuing,” said U.S. Attorney spokeswoman Rebekah Carmichael. Carmichael said she couldn’t comment on whether more charges are imminent.
Meanwhile, Manalapan resident Vladimir Siforov, also named in the criminal complaint with Weinstein, remained at large Friday. Carmichael said she could not comment on federal efforts to apprehend him.
Weinstein and Siforov were charged with defrauding a Chicago-based financial institution and an investor based in the United Kingdom of about $200 million.
FBI spokesman Bryan L. Travers said Friday that a house in Westfield was also raided Thursday morning in connection with the Weinstein arrest, but he would not go into further detail about the raid.
Weinstein also faces an arrest warrant in New York, spurred by his refusal to obey subpoenas in a 3-year-old lawsuit against him.
Wallace Neel, a New York City lawyer who represents a consortium of investors suing Weinstein for $6 million, said the subpoenas were issued in an effort to find Weinstein’s assets after the judgment was issued.
“We’re anxious to see what the government can come up with in terms of assets,” he said.
There is a line of Weinstein’s creditors, all with judgments in hand, asking the same question.
As of early August, Weinstein had about $200 million in judgments issued against him, his associates and entities they control.
One lawyer who won a judgment against Weinstein, Ari Weisbrot of Hackensack, said it “remains to be seen” how Weinstein’s arrest will affect his client’s case.
Weisbrot represents Harvey Wolinetz, who contends in court papers that Weinstein defrauded him of about $90 million.