Trump-Pardoned Ponzi Schemer Faces 37-Year Sentence For $44 Million COVID Scam

Benzinga

Eliyahu Weinstein, previously granted clemency by Trump, is headed back to prison after prosecutors said he carried out a new $35 million fraud. The scheme targeted 150 victims through fake deals tied to medical and security supplies for Ukraine. He received a 37-year sentence and was ordered to pay $44 million in restitution.

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00:00It's Benzinga, bringing Wall Street to Main Street.

00:02A New Jersey man who received clemency from Trump in 2021 is returning to prison after

00:06engaging in another large-scale fraud, according to the New York Post.

00:10Olyahu Weinstein had been serving a 24-year sentence for fraud when he was pardoned.

00:15Resecutors said he launched a new scheme soon after his release,

00:18swindling 150 people out of $35 million through a scam involving medical and security supplies

00:24for Ukraine. Weinstein was sentenced to 37 years in order to pay about $44 million

00:29in restitution. Prosecutors described the operation as brazen and sophisticated,

00:34or a striking resemblance to a Ponzi scheme as well.

00:36For all things money, visit Benzinga.com.

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