A ponzi schemer who Donald Trump saved from prison is headed right back to the clink.
Eliyahu “Eli” Weinstein was sentenced Friday to 37 years in prison in a New Jersey courtroom, capping the career criminal’s third fraud conviction.
Prosecutors argued that Weinstein, who in recent years went by the alias Mike Konig to hide his criminal history, milked roughly $35 million from dozens of investors who believed they were putting their money into Covid-19 masks, baby formula, and first aid kits for Ukraine, according to the indictment.
It was a crime that Weinstein never would have been able to cook up if the president hadn’t lifted him out of federal prison in 2021. At the time, Weinstein had served just eight years of a combined 24-year prison sentence for two fraud convictions—a real estate fraud scheme in which he utilized a portfolio of fake property investments to reel in $200 million from unsuspecting buyers, and another in which he duped dozens of investors into investing in Facebook just before the social media company went public (swindling at least one investor of $6.7 million).
For whatever reason, Trump decided Weinstein was the guy who deserved a get-out-of-jail-free card. The 51-year-old was a part of a whopping 143-person pardon the president issued the day before he left office in 2021. Other recipients of the unexpected clemency included former Trump adviser Steve Bannon, rapper Lil Wayne, and former Detroit Mayor Kwame Kilpatrick, who was sentenced to 28 years on corruption charges.
But Weinstein wasn’t ashamed of his behavior. In August 2022, he recalled that he “finagled, and Ponzied, and lied to people,” according to court documents. Shortly after he was released from prison, he started defrauding people again, orchestrating the Ponzi scheme that he was sentenced for last week.
U.S. District Judge Michael Shipp ruled that Weinstein must pay more than $44 million in restitution for his most recent offense, due immediately.
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