Eliyahu "Eli" Weinstein, a New Jersey resident previously pardoned by former President Trump for a $230 million fraud conviction, is facing new federal fraud charges. Along with four other men, Weinstein is accused of orchestrating a $35 million scheme involving bogus investments in scarce medical supplies and other goods supposedly intended for Ukraine.

U.S. Attorney Philip Sellinger stated that Weinstein, operating under an alias, leveraged the ongoing conflict in Ukraine to deceive investors. He allegedly promised exclusive access to deals involving critical supplies like baby formula and first-aid kits.

Weinstein's past convictions involved a real estate Ponzi scheme and subsequent fraud committed while awaiting trial. He received a 24-year sentence, which was commuted by President Trump in January 2021. Shortly after his release, Weinstein allegedly launched the new scheme through a company called Optimus Investments Inc. According to court documents, he concealed his true identity, fearing investors would be wary given his history.

Weinstein allegedly collaborated with Aryeh Bromberg and Joel Wittels, channeling investor funds through another entity, Tryon Management Group LLC. Tryon, managed by two additional conspirators, purportedly offered high-return investments, primarily to friends and family. The invested funds were then transferred to Weinstein's Optimus Investments.

By February 2022, Tryon reportedly faced financial difficulties and resorted to a Ponzi-like structure, using funds from new investors to pay existing ones. Investors were falsely assured that these payments represented legitimate returns. Weinstein eventually revealed his true identity to the Tryon owners in a recorded conversation, admitting to misappropriating funds and fabricating investment opportunities.