Yossi Engel, who spent $56,880 at casinos and flew on private jets, fled to Israel after admitting his fraud to investors, the agency says.
A 35-year-old man who allegedly bilked Orthodox Jewish investors in Los Angeles and New Jersey out of $47 million and then fled to Israel has been charged by the U.S. Securities and Exchange Commission with using the proceeds to fund a lavish lifestyle.
“Both of these claims were false,” the SEC said in the suit seeking sanctions and undisclosed civil penalties against Engel. “Rather than use investor money to purchase cameras or develop property, Engel misappropriated the funds by spending investor money for his personal benefit and making Ponzi-like payments to earlier investors in an attempt to keep the scheme going.”
When investors asked Engel why he didn’t obtain bank loans for iWitness at a lower interest rate, he allegedly replied that because he was from Israel, he did not have sufficient credit in the United States. “Most iWitness investors did not question this flow of funds, but the ones who did were told that they needed to send money via the third party because the third party was capable of changing money in Israel at lower rates than the banks,” the suit says. “This was another falsehood.”
Beginning in December 2018, Engel allegedly represented to existing and potential investors that he needed capital to purchase cameras and other equipment for iWitness, and would pay their investment returns from installation fees. The SEC alleges Engel also created an illusion of profitability by using investor funds to pay for office rent, cars and payroll.
日本 最新ニュース, 日本 見出し
Similar News:他のニュース ソースから収集した、これに似たニュース記事を読むこともできます。
Bitfarms seeks to modify loan facility with BlockFi as bear market drags onThe bear market woes continue to spread. Bitcoin miner Bitfarms is attempting to renegotiate loan terms with BlockFi. (Reporting via forgeforth_)
続きを読む »
San Diego Judge Orders Million$ for Victims of What Prosecutors Call Ponzi SchemeBitConnect’s founder, Satish Kumbhani, has been indicted and remains a fugitive.
続きを読む »
Victims of $2.4B BitConnect Ponzi to Receive $17M in RestitutionThe US Department of Justice stated that BitConnect operated a 'textbook Ponzi scheme.'
続きを読む »
Orthodox Jewish school gets $1.35M settlement from N.J. town, can build new HSThe Congregation of Oros Bais Yaakov purchased property in Jackson and has been fighting for a decade to have a high school built.
続きを読む »
Rep. Santos said accused ‘Ponzi scheme’ was ‘100% legitimate’Santos worked at Harbor City Capital Corp. in 2020 and 2021, a company the SEC said was a “classic Ponzi scheme” in an April 2021 complaint against the firm. A Ponzi scheme is a type of…
続きを読む »
George Santos was paid for work at company accused of Ponzi scheme later than previously knownRep. George Santos (R-N.Y.), who has admitted to fabricating key details of his biography, received payments as recently as April 2021 from a financial services company accused by the SEC of a “classic Ponzi scheme,” which is income he has never disclosed.
続きを読む »