Convicted Fraudster Sentenced 37 Years for $44 Million Ponzi Scheme; Co-Conspirator Gets 12 Years

Eliyahu Weinstein, with two prior fraud convictions totaling $230 million in losses, led a new investment scam during supervised release using aliases and fake COVID-related deals.

Two New Jersey men have been sentenced to lengthy federal prison terms for orchestrating a multimillion-dollar Ponzi-style investment fraud that targeted individual investors under false pretenses, Acting U.S. Attorney and Special Attorney Alina Habba announced.

Eliyahu “Eli” Weinstein, 50, of Lakewood, also known as “Mike Konig,” was sentenced to 37 years in prison on November 14, 2025, following his conviction for leading a complex scheme that defrauded investors of more than $44 million. 

His co-conspirator, Aryeh “Ari” Bromberg, 51, also of New Jersey, was sentenced to 12 years in prison. Both were ordered to pay full restitution to the victims.

The sentences followed a six-week jury trial before U.S. District Judge Michael A. Shipp in Trenton federal court, where both men were convicted of multiple federal offenses, including securities fraud, wire fraud, money laundering, obstruction of justice, and false statements to federal authorities.

Scheme Began While Weinstein Was on Supervised Release

Weinstein, a repeat offender, had already been convicted twice in federal court for previous investor fraud schemes, including a major real estate Ponzi scheme. 

Despite owing over $200 million in restitution from those earlier convictions, he began a new fraudulent operation in early 2021 while serving a term of supervised release.

To evade scrutiny, Weinstein used the alias “Mike Konig” and secretly operated an investment entity called Optimus Investments Inc., which was publicly fronted by Bromberg and co-conspirator Joel Wittels. 

According to evidence presented at trial, the conspirators solicited investor funds through Optimus and a second entity, Tryon Management Group LLC, owned by associates Christopher Anderson and Richard Curry. Tryon presented investment opportunities in products tied to current events, including COVID-19 test kits, baby formula shortages, and humanitarian aid for Ukraine.

A Ponzi Scheme

Investors were led to believe the opportunities were legitimate and were not made aware of Weinstein’s involvement. In reality, investor money was used to pay off other investors in a classic Ponzi-style structure, according to court documents. When Optimus became unable to meet its obligations, Weinstein and his co-conspirators misled investors by falsely claiming the payments were generated from successful investments.

In late 2022, after Weinstein’s true identity was exposed internally, he admitted in secretly recorded conversations to having lied, misappropriated funds, and conducted a Ponzi operation. “I finagled, and Ponzied, and lied to people to cover us,” Weinstein confessed, according to trial evidence.

Despite this revelation, the group conspired to continue the deception by hiding Weinstein’s identity and raising new investor funds in an effort to keep the scheme from collapsing.

Obstruction, Money Laundering, and Probation Violations

Beyond the fraud itself, the defendants also engaged in money laundering, obstruction of justice, and deception of the U.S. Probation Office. They worked to conceal Weinstein’s income, assets, and business activity, violating the terms of his supervised release. 

In conversations captured by investigators, Weinstein discussed hiding substantial assets to avoid restitution payments and federal oversight. At one point, he bragged, “I just told you something that no one in the world knows because I hid money. Get it?”

The Co-Conspirators

Five additional individuals—Christopher Anderson, Richard Curry, Shlomo Erez, Alaa Hattab, and Joel Wittels—previously pleaded guilty to charges stemming from the scheme and are currently awaiting sentencing.

Investigation and Prosecution

The case was investigated by special agents of the FBI (Newark Field Office) and IRS–Criminal Investigation, under the direction of Acting Special Agent in Charge Stefanie Roddy and Special Agent in Charge Jenifer L. Piovesan, respectively.

The government is represented by Assistant U.S. Attorney Carolyn Silane, Chief of the Economic Crimes Unit, and Assistant U.S. Attorney Marko Pesce, Deputy Chief of the Bank Integrity, Money Laundering, and Recovery Unit.

This case adds to a growing list of federal prosecutions involving pandemic-era financial crimes and illustrates continued federal efforts to pursue repeat offenders who exploit investors and obstruct justice while under court supervision.