NJ man pleads guilty to ‘Ponzi-like’ scheme that defrauded nearly 100, including other Orthodox Jews, of more than $47 million

Leor Moshe, 43, of Lakewood, New Jersey, pleaded guilty to wire fraud in a “Ponzi-like investment scheme” that defrauded nearly 100 individuals, predominantly from the Orthodox Jewish community, of over $47 million. U.S. Attorney Robert Frazer stated, “The defendant turned the trust of his own religious community into a tool for fraud.” From June 2019 to June 2023, Moshe falsely claimed investments in his company, Capital Funding ASAP, would fund short-term business loans with high returns. Instead, he used the money for personal expenses, including gambling debts, and to make payments to earlier investors. Moshe faces up to 20 years in prison and a $250,000 fine, with sentencing scheduled for December 16.

• The U.S. Securities and Exchange Commission (SEC) also charged Jacob Goldman and Isaac Odes for allegedly recruiting investors for Moshe without being registered broker-dealers.
• The SEC complaint indicates that investors in multiple states, including New Jersey and New York, lost over $25 million.
• The SEC is seeking injunctions, civil penalties, and the return of illegal profits from those involved.