John Farahi, a popular Iranian-Jewish radio talk-show host and investment adviser, was sentenced in U.S. District Court on March 18 in downtown Los Angeles to 10 years in federal prison for operating a multi-million-dollar Ponzi scheme against local Iranian-Americans. Farahi, 56, also was ordered by the court to pay more than $24 million in restitution to close to 60 victims.
An Israeli judge who fled to Peru eight years ago following allegations of bribery and fraud was extradited to Israel.
Former Israeli Foreign Minister Avigdor Lieberman at the opening of his trial for fraud and breach of trust pleaded not guilty on all counts.
Former Israeli Foreign Minister Avigdor Liberman will go on trial next month for fraud and breach of trust.
Former Israeli Foreign Minister Avigdor Lieberman was indicted on charges of fraud and breach of trust.
Former Israeli foreign minister Avigdor Lieberman was questioned again regarding allegations that he advanced an envoy's position in exchange for information on an investigation against him.
Avigdor Lieberman has resigned as Israel’s foreign minister following his indictment for fraud and breach of trust.
Rabbi Menachem Youlus, once dubbed the “Jewish Indiana Jones” for his remarkable tales of rescuing Holocaust-era Torah scrolls, was sentenced to more than four years in prison for fraud.
A California man linked to an anti-Islam film that stoked violent protests across the Muslim world was in custody on Thursday, a court spokesman said ahead of bail hearing in Los Angeles.
An Israeli businessman convicted of a $30 million investment fraud was sentenced to 22 years in prison.
Rabbi Menachem Youlus, who was dubbed the “Jewish Indiana Jones” for his remarkable tales of rescuing Holocaust-era Torah scrolls, pleaded guilty to fraud.
American author Mitchell Gross was indicted for allegedly scamming women he met on an online Jewish dating service.
An Iranian Jewish real estate investor in Los Angeles was found guilty of fraud after he was accused of stealing $21 million from clients.
Lawyers for convicted former Agriprocessors executive Sholom Rubashkin have appealed a judge's decision denying their bid for a new trial. In a brief filed Monday with the U.S. Court of Appeals in St. Louis, Mo., lawyers for Rubashkin made four arguments on his behalf, chief among them that the presiding judge in his case, Linda Reade, should have recused herself. Reade had rejected that argument in October. Rubashkin was convicted in 2009 on 86 counts of fraud related to his management of the Agriprocessors meatpacking plant in Postville, Iowa, and later was sentenced to 27 years in federal prison.
As the Conference on Jewish Material Claims Against Germany seeks to root out additional cases of fraud, the $42.5 million scandal that has rocked the organization has rekindled dissatisfaction with the group’s annual allocation of tens of millions of dollars.
After discovering $7 million in fraudulent payments, the Claims Conference is facing questions about whether it will recover the money and how extensive the fraud actually was.
In the eyes of the American judicial system, said fraud investigators and asset hunters, some innocent victims of Madoff's massive Ponzi scheme are legitimate targets for government and civil actions seeking to compel them to disgorge any gains they derived.
I wish Jews believed in hell, because then I could take comfort that Bernard Madoff will go there.
It didn't take long for Bernard Madoff's arrest in New York for running an alleged $50 billion Ponzi scheme to send shockwaves through Los Angeles' Jewish community. The growing swindler's list of victims reads like a who's who of L.A. Jewish communal life, including the Jewish Community Foundation, The Jewish Federation of Greater Los Angeles, Jewish Family Service, Jewish Free Loan Association and Beit T'Shuvah.
The paradox -- one man possessed of bountiful quantities of good and evil -- is confounding to many who knew Madoff and only now are discovering his dark side.
Steven Spielberg suffered some losses in the Bernard Madoff fraud scandal, though apparently nowhere near a rumored $300 million. However, the famed filmmaker's private Wunderkinder Foundation had some investments with Madoff, though Spielberg spokesman Marvin Levy said he was unable to detail the assets or losses of the foundation.
At least two foundations have been forced to close because they had invested their funds with Madoff. The Robert I. Lappin Foundation in Salem, Mass., announced Dec. 12 that it would shut down after losing $8 million -- all of its money. And the Chais Family Foundation, which gives out some $12.5 million each year to Jewish causes in Israel, the former Soviet Union and Eastern Europe, announced its closing Dec. 14.
"It's all just one big lie."
With those words Bernard Madoff confessed to senior executives of Bernard L. Madoff Investment Securities that the $17 billion hedge fund he founded was nothing more than a Ponzi scheme. Madoff is at the center of "the largest investor swindle ever blamed on a single individual."
The news that broke today on the front pages of the New York Times and the Wall Street Journal reverberated in Jewish communities across the world. "A lot of Jewish charities had investments with him," one prominent investor told The Jewish Journal. "So did a lot of Jews."
UPDATE: Among the victims was the Jewish Community Foundation of Los Angeles.
The kosher meat market is in a tailspin as production at the Agriprocessors' meatpacking plant in Postville, Iowa, which had been operating at a fraction of its normal capacity since May, finally ground to a halt this week. The company, whose meat was sold under the labels Rubashkin's and Aaron's Best, among others, filed for bankruptcy Nov. 4.
"This may have started as a dispute," said district attorney spokeswoman Jane Robison, "but we have evidence that he was roughed up and held against his will for a ransom of $4.5 million."
Animal welfare expert Temple Grandin accused kosher slaughterer Agriprocessors of putting on a "show" for visitors
On Dec. 19, Los Angeles authorities arrested six people, including Naftali Tzi Weisz, 59, the grand rabbi of Spinka, a Brooklyn-based Hasidic sect, on charges of creating a money-laundering scheme that worked through financial networks in Los Angeles and Israel.
By now thousands of published articles, ranging from critical to hateful, have appeared about the famous Jack Abramoff -- Orthodox Jew, former Washington super-lobbyist, product of an affluent Beverly Hills upbringing and future inmate of the Federal Bureau of Prisons. He has pleaded guilty to mail fraud, tax evasion and conspiracy.
Tel Aviv police have arrested the director of the Israel Kabbalah Centre, following complaints that he had fraudulently exploited a dying cancer patient and her husband.
Sixteen years ago, Mark Borovitz was in prison for the second time. A Cleveland native, he began selling stolen goods for the Cleveland mob out of his high school locker, then graduated to con games and hustles. In prison, he came under the influence of Rabbi Mel Silverman and began a return to faith that culminated, after his release, in his earning a rabbinical degree.
After being left a quadriplegic in a car accident in 1993, 53-year-old Alice Wintz received an insurance settlement that she thought would, with careful investing, leave her financially secure for life.
So she asked money manager Reed Slatkin to invest her settlement. Wintz and her ex-husband had met Slatkin in 1986 through a business associate, and considered him a friend. Impressed with his charm and financial acumen, and, having had what Wintz describes as a "good experience" investing a small amount of money with him in 1986, they thought they could trust him with the insurance settlement.
The Securities and Exchange Commission (SEC) had accused Slatkin of running a Ponzi scheme shortly after he filed for bankruptcy in May 2001. (A Ponzi scheme is a phony investment plan in which money provided by later investors is used to pay artificially high returns to the initial investors, with the goal of attracting as many investors as possible.) Slatkin's alleged scheme is said to be one of the biggest cases of investment fraud in American history.
You've read the newspaper ads or heard the pitches on the radio: Donate your old car to our worthy charity, which aids orphans/immigrants/homeless/the halt and the lame, and enjoy a generous tax write-off.
To the general Israeli public, the "Lerner Affair" reveals the frightening tentacles of the Russian mafia in Israel, and the danger it poses to this country's economic and political system. To many in the Russian immigrant community, however, the Lerner Affair is a case of harassment -- a high-profile attempt by the established Israeli "elite" to cast all Russian immigrants as criminals.