Man to Be Sentenced in $200M Fraud Scheme

A New Jersey man is expected to be sentenced for running what authorities say was a $200 million real estate fraud scheme.

Eliyahu Weinstein is scheduled in federal court in Trenton Tuesday.
 
Weinstein pleaded guilty in January 2013 to money laundering and wire fraud conspiracy, and faces up to 25 years in prison.
 
Weinstein was arrested in the summer of 2010. The U.S. Attorney's Office claimed that beginning in 2004, he used forged documents and bogus deeds to get investors to give millions of dollars with the promise of hefty returns.
 
They allege Weinstein didn't own many of the properties he was offering, but sold and resold them illegally. He allegedly used investors' money for personal luxury purchases.
 
Many victims were members of Weinstein's Orthodox Jewish community in New Jersey.