A convicted Ponzi schemer whose prison sentence President Donald J. Trump commuted in one of his last official White House acts is facing new federal fraud charges for defrauding investors in a series of bogus deals.

The man, Eliyahu Weinstein, a former used car salesman from Lakewood, NJ, was serving a 24-year sentence in connection with two schemes when Mr. Trump released him from prison in January 2021. One involved defrauding members of his inner circle. Orthodox Jewish community of over $200 million.

On Wednesday, federal prosecutors in New Jersey charged Mr. Weinstein, 48, along with four other men, with defrauding at least 150 people out of $35 million. They are accused of luring people into supposedly lucrative investments in scarce supplies of Covid-19 and baby formula and even in first aid kits destined for war-torn Ukraine.

“These were reckless and complex crimes that involved multiple conspirators and drew right from Weinstein’s fraud playbook,” Philip R. Sellinger, the U.S. attorney for New Jersey, said at a news conference.

As The New York Times reported, Mr. Weinstein was one of many who received leniency from Mr. Trump, bypassing the official process and relying on well-connected lobbyists and lawyers to get help.

After Mr. Trump commuted his sentence, Mr. Weinstein promised to turn over a new leaf in a video message to his supporters. posted online from local publication, The Lakewood Scoop.

“My goal is to make everyone proud of me and live my life in the right fashion,” he said.

On Wednesday, Mr. Weinstein and his co-defendants were charged with wire fraud and conspiracy to obstruct justice. Mr. Weinstein was ordered arrested after an initial appearance in federal court in Trenton, NJ, as was a co-defendant, Shlomo Erez, 55, an Israeli citizen.

A federal magistrate judge set bail at $500,000 for a third defendant, Aryeh L. Bromberg, 49, of Lakewood, NJ. Two other defendants, Joel L. Wittels, 57, of Lakewood, and Alaa M. Hattab, 34, of Ottawa, Canada, remained at large

A lawyer for Mr. Weinstein, Eric M. Creizman, declined to comment. Ricardo Solano Jr., a lawyer for Mr. Bromberg, declined to comment. Information on attorneys for the other defendants was not immediately available.

Mr. Weinstein, Mr. Sellinger said, “picked up right where he left off” after leaving prison, concocting a scheme to solicit investments through a company called Optimus Investments Inc., which he operated with Mr. Bromberg and Mr. Wittels. .

Acknowledging that investors wouldn’t give him “one penny” if they knew his true identity, according to what prosecutors said was a secretly recorded conversation, Mr. Weinstein ran Optimus using the pseudonym Mike Konig when dealing with lenders, potential investors and business people. partners

“I ended up Ponzied and lied to people to cover us up,” Mr. Weinstein was also recorded as saying, according to the complaint.

Much of the money that flowed into Optimus came from a second company controlled by two unidentified co-conspirators, Tryon Management Group LLC, according to a criminal complaint.

Tryon promised its investors supposedly lucrative opportunities to invest in the bogus deals, and it funneled the money they raised to Mr. Weinstein through Optimus, the complaint says.

By February 2022, according to the complaint, Tryon was unable to pay its investors. Mr. Weinstein agreed with his owners to pool money from both firms’ existing investors to pay other investors in a Ponzi-like fashion, the complaint says.

Six months later, the complaint says, Mr. Weinstein revealed his true identity to the Tryon owners in a secretly recorded meeting. At a second meeting, the complaint says, he admitted he misrepresented a Tryon investor and made false statements about the Optimus deals.

The prison sentence that Mr. Trump served was in connection with two schemes to which Mr. Weinstein pleaded guilty. In the first, he admitted to defrauding investors out of $200 million by luring them into bogus real estate investments and land deals.

The second scheme, which he hatched while awaiting trial on the first, involved what he claimed was access to Facebook stock around the time of the company’s initial public offering.

In announcing the change in Mr. Weinstein’s sentence, White House officials said the move was supported by, among others, Representative Jeff Van Drew, Republican of New Jersey, and the lawyer Alan Dershowitz.

A spokesman for Mr. Van Drew did not respond to a request for comment on Wednesday. Contacted by email, Mr. Dershowitz downplayed his role in winning Mr. Weinstein’s release.

“I had little or nothing on him personally,” Mr. Dershowitz said. “I gave legal advice to an organization that recommended shortening of sentences. If he is found guilty a second time, he will receive no mercy.”

Barry Wachsler, who helped fund Mr. Weinstein’s court appeals and clemency, continued to support him on Wednesday, saying in an interview that he had spoken with Mr. Weinstein and that his friend was in “total disbelief” about the new allegations.

Mr. Wachsler maintained that they stemmed from prosecutors’ bitterness over Mr. Weinstein’s sentence being commuted and that Mr. Weinstein’s activities since leaving prison were legal.

“They wanted to get him, and they looked for every opportunity, and they got it,” Mr. Wachsler said. “They wanted to teach him a lesson — whether it’s hate the fact that Trump commuted his sentence, whatever it was.”

Kenneth P. Vogel contributed reporting.

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