Lakewood man accused of investment scheme appears in court

(AP) - A bail hearing was delayed Tuesday for a NewJersey man accused of running what prosecutors say was a schemethat preyed on the Orthodox

NEWARK - (AP) - A bail hearing was delayed Tuesday for a NewJersey man accused of running what prosecutors say was a schemethat preyed on the Orthodox Jewish community and defrauded realestate investors of at least $200 million.

Eliyahu Weinstein appeared yesterday in a Newark federal court where hisattorney, Ephraim Savitt, said they needed more time to prepare abail proposal.

Weinstein has been detained since he was arrested Aug. 12 at hisLakewood home.

Federal prosecutors charged him with bank and wire fraud. Prosecutors say Weinstein leveraged his connections to theOrthodox Jewish community to bilk victims. They say he claimedownership of properties that weren't his and used them to sellinterests multiple times using bogus documents.

Weinstein's attorney says the charges are from disgruntledformer partners who are already suing Weinstein over investmentlosses.

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