According to federal prosecutors, Eliyahu Weinstein, a criminal who was pardoned by former President Trump, wasted no time in resuming his fraudulent activities after being released from prison in January 2021. Weinstein, who was serving a 24-year sentence for his involvement in two Ponzi schemes, has now been charged with defrauding investors of at least $35 million, as reported by the New York Times. Along with four co-conspirators, the 48-year-old convinced investors to invest in seemingly lucrative deals related to COVID-19 supplies, baby formula, and “first-aid kits supposedly destined for wartime Ukraine.” Using a “Ponzi-like” strategy, money from some investors was used to pay off others, resulting in massive losses for unsuspecting victims.
US Attorney Philip Sellinger stated, “These were bold and intricate crimes that involved multiple conspirators and followed Weinstein’s established pattern of fraud.” In recorded conversations, Weinstein, who went by the name Mike Konig for his fraudulent dealings, emphasized the necessity of hiding his true identity from investors. According to Politico, he reportedly said, “I finagled and Ponzied and lied to people to cover us.” Prosecutors also revealed that Weinstein boasted about his secret assets, stating, “I just told you something that no one in the world knows because I hid money.”
Weinstein now faces charges of wire fraud conspiracy and potentially decades in prison if found guilty. He was one among several individuals who received pardons from Trump, acquired through unofficial channels instead of the standard process. The New York Times highlights the use of well-connected lobbyists and lawyers to obtain relief. Following his release in 2021, Weinstein promised to turn his life around and earn the respect of others with his actions. (Read more presidential pardon stories.)
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