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Real Estate Investment Scheme Lands Lakewood Man Behind Bars
A Lakewood, New Jersey man, Alex Schleider, 49, has been sentenced to one year and one day in prison for his role in a multi-million dollar real estate investment scheme that defrauded investors of more than $1 million.
According to documents filed in the case, Schleider, along with co-conspirators Eliyahu Weinstein and Aaron Muschel, persuaded victims to invest in the purported purchase of an apartment complex, ‘Belle Glade Gardens,’ in Florida.
Victims were told that Weinstein had the opportunity to purchase Belle Glade Gardens at a discounted price and immediately flip it at a substantial profit. They were also told that Weinstein had already placed $2.5 million in the trust account of a Miami law firm for the transaction, and that if the victims contributed another $2.5 million toward the transaction, those funds would remain in escrow at the Miami law firm until the deal closed.
However, Schleider and Weinstein did not use the money to purchase Belle Glade Gardens. Instead, they redirected the money from the law firm to accounts that they controlled, returned $1.8 million to the victims as a purported return on a prior Facebook investment, and used the remaining money for their own purposes.
In addition to the prison term, Judge Joel A. Pisano ordered Schleider to serve three years of supervised release and pay restitution of $613,200 and forfeiture of $363,200.
The case against Aaron Muschel remains pending, with charges pending since May 2013.
The investigation leading to Schleider’s sentencing was conducted by special agents of the FBI under the direction of Special Agent in Charge Aaron T. Ford in Newark.
U.S. Attorney Paul J. Fishman credited the investigation to the FBI and IRS-Criminal Investigation, under the direction of Acting Special Agent in Charge Jonathan D. Larsen.
Key Facts
- State: New Jersey
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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