Eliyahu Weinstein could serve 25 years after plea agreement in $200M Ponzi scheme

TRENTON — A Lakewood man charged with masterminding a $200 million Ponzi scheme could serve up to 25 years in jail under a plea agreement accepted in U.S. District Court Thursday.

Eliyahu Weinstein, a former rabbinical student and used-car salesman, will be sentenced April 2 by Judge Joel A. Pisano after admitting to wire fraud conspiracy and money laundering, with the government dropping nearly three dozen other charges.

The U.S. Attorney’s Office had charged that Weinstein and a co-conspirator — Vladimir Siforov, formerly of Manalapan — worked with others from 2004 through 2011 to lie to investors and fabricate documents to further the scheme. Siforov is charged with three counts of wire fraud and remains a fugitive.

Pisano in court said the agreement allows him the latitude to sentence Weinstein to anywhere from “zero to 300 months (25 years)’’ in jail and that Weinsten must pay restitution and provide a full accounting of all monies paid to him during the period covered by the indictment.

As the judge spoke, Weinstein paged through a copy of the agreement. When asked if he agreed to the terms, his response was nearly inaudible.

The government was represented by Assistant U.S. Attorneys Zach Intrater and Gurbir S. Grewal and Rachael A. Honig, deputy chief of the Criminal Division.