New Jersey Man Freed by Trump in 2021 Gets 37 Years for New Multi-Million Dollar Fraud

A New Jersey con artist whose prison sentence was commuted by President Donald Trump in 2021 is heading back to federal prison after being convicted of yet another massive fraud scheme.

Eliyahu “Eli” Weinstein, 51, of Lakewood, New Jersey, was sentenced on Nov. 14 to 37 years in federal prison for orchestrating a new multi-million-dollar Ponzi-style operation that preyed on investors with false promises of access to supplies destined for war-torn Ukraine. U.S. District Judge Michael A. Shipp also ordered Weinstein to pay $44.29 million in restitution.

Earlier this year, a jury found Weinstein guilty on 15 of 17 charges, including:

• Securities fraud
• Wire fraud
• Money laundering
• Making false statements to federal probation
• Concealing material facts
• Obstruction of justice
• Conspiracy to commit these offenses

He was acquitted of two obstruction counts.

History of Fraud Before Trump’s Commutation

Before this latest case, Weinstein was already a repeat offender with a long history of major financial crimes.

• In 2014, he received 22 years for a $200 million real estate Ponzi scheme.
• His term was later extended after he committed additional fraud while on pretrial release.
• Prosecutors say he stole more than $230 million from previous victims.

But in January 2021, one day before leaving office, President Trump commuted Weinstein’s sentence, leading to his early release after serving less than eight years.

New Scheme Involving Masks, Baby Formula, and Ukraine Aid

According to prosecutors, Weinstein wasted no time returning to fraud. Shortly after leaving prison, he launched a new scheme targeting investors with seemingly profitable deals involving:

• COVID-19 protective masks
• Scarce baby formula
• First-aid kits allegedly bound for Ukraine

Knowing his real name would scare away investors, Weinstein operated under the alias “Mike Konig.” In a secretly recorded meeting, he admitted that investors would never give them “a penny” if they knew his true identity.

When the scheme began collapsing, he and his partners started pooling funds and using new investor money to pay earlier investors — a classic Ponzi tactic.

In another recorded 2022 meeting, after revealing his identity to co-conspirators, Weinstein confessed:

“I finagled and Ponzied and lied to people to cover us.”

Co-Conspirators and Additional Charges

Weinstein and accomplice Arhey “Ari” Bromberg, 51, were indicted in 2024. Several other co-conspirators had already pleaded guilty to conspiracy to commit securities fraud.

After trial:

• Weinstein received 37 years.
• Bromberg was sentenced to 12 years.

Following the indictment, former U.S. Attorney Philip R. Sellinger said:

“Soon after receiving a Presidential commutation, Weinstein picked up his Ponzi schemer’s playbook again. He didn’t try to make his prior victims whole — he made more victims.”

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