A New Jersey man who received a presidential pardon from Donald Trump has been sentenced to 37 years in federal prison for orchestrating a multi-million dollar fraud scheme shortly after his release.
Repeat offender faces justice
Eliyahu 'Eli' Weinstein, 51, from Lakewood, New Jersey, received his substantial sentence on Friday from US District Judge Michael Shipp at the Clarkson S Fisher federal courthouse in Trenton. The court also ordered Weinstein to pay $44,294,803 in restitution, due immediately.
Weinstein, who also operated under the alias Mike Konig, was convicted in March for his role in defrauding dozens of investors out of approximately $35 million. Prosecutors revealed that Weinstein and his associates lured victims with false promises of lucrative deals involving scarce medical supplies, baby formula, and first-aid kits supposedly destined for wartime Ukraine.
A history of deception
This conviction marks the third time Weinstein has been found guilty of defrauding investors in New Jersey federal court. His criminal history includes:
- A real estate Ponzi scheme
- Additional fraud committed while on pretrial release
- Combined investor losses of approximately $230 million from his previous cases
For these earlier offences, Weinstein had been sentenced to 24 years in prison. However, on 19 January 2021, the day before leaving office, Donald Trump commuted Weinstein's sentence to time served after he had completed less than eight years.
Swift return to crime
According to court documents, Weinstein began planning his latest fraudulent scheme almost immediately after gaining freedom through the presidential commutation. Prosecutors emphasised the brazen nature of his return to criminal activity, noting he wasted no time in developing new ways to deceive investors.
The sophisticated operation preyed on investors seeking opportunities in high-demand medical supplies during global health crises and conflict situations. Weinstein's promises of access to exclusive deals involving medical equipment for Ukraine proved entirely fabricated.
Judge Shipp's sentence reflects the severity of Weinstein's repeated offences and his demonstrated unwillingness to reform despite previous lengthy prison terms and presidential clemency.
