Despite warnings from rabbonim and Gedolei Yisrael Shlita to avreichim to distance themselves from risky investments, there are some who simply cannot pass up such an opportunity.
An avreich in Betar, a male in his 30s, ran an investment fund that offered investors returns on their money that cannot be matched. He managed to build a portfolio of about 9 million NIS and now, he has vanished, leaving many without a clue how to proceed.
The avreich announced he is bankrupt and has since vanished, leaving hundreds of residents wondering what to do. Ladaat adds dozens of sting victims arrived at the home asking for their investments back but the wife was unaware of the sting operation being run by her husband, explaining she has no money to give them.
Prominent community askanim and gabbaim of the local tzedaka funds are working to see what can be done to assist the victims.
(YWN – Israel Desk, Jerusalem)
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7 Responses
maybe mention his name so people can find him and not be dupped again
PLEASE PLEASE if an investment return is impossible to believe it means it is NOT believable.
affinity fraud
Web definitions
Affinity fraud includes investment frauds that prey upon members of identifiable groups, such as religious or ethnic communities,…
A mere three million dollars. We need better secular studies so our thieves can compete with well educated secular Jews, like Mr. Madoff, who put many zeroes after the amount.
P.S. But we should probably be Dan le-Kaf Zechus, that the avreich was a misguided fool rather than a thief.
The second paragraph of this article says that people lost money in an “investment fund.” That appears to be an error, as there never was an investment fund, only a fraud.
As for commenter no. 1’s proposal about naming the operator of fund/fraud, can someone enlighten me on why naming him publicly would not be loshon hara.
#5 – the facts as stated do not show “fraud” as it is quite possible the “avreich” really believed it was a legitimate investment that he had come up with through his own cleverness, only he was “too clever by half.” Who remembers when “smart” people believed that housing prices only went up (and some very “clever” people bet trillions of dollars on that bright idea).
At this point, it is likely that anyone who dealt with him knows of the situation, that he is clearly out of business, and nothing would be gained by discussing him publicly, but that some innocent people (his wife and children) would be hurt.
Half the facts are missing from this story, therefore all your feedbacks are incorect!
The money was invested with a partner in a production company. One of the partners in the company lost money in a previous sting.
This investment was geniune and not as the article implies that “his wife didn’t know of the sting”
There was no sting, he was duped by a partner
Pleaser report full stories or don’t report at all