TRENTON — An Ocean County man has admitted defrauding more than 97 investors of approximately $47 million through a Ponzi-like investment operation, federal prosecutors announced.
Leor Moshe, 43, of Toms River, pleaded guilty to wire fraud before U.S. District Judge Robert Kirsch in Trenton federal court. His sentencing is scheduled for Dec. 16.
Federal authorities said Moshe solicited investments through his company, Capital Funding ASAP LLC, from June 2019 through June 2023. He claimed the money would exclusively finance short-term business loans producing returns ranging from 9% to 53%.
Instead, Moshe used money from new investors to pay earlier participants and cover personal expenses, according to court records and statements made during the proceeding. Those expenses included gambling debts, home renovations, mortgages and vehicle loans.
Prosecutors said Moshe collected about $47 million, primarily from members of the Orthodox Jewish community, and diverted approximately $11 million for his personal use.
U.S. Attorney Robert Frazer said Moshe exploited relationships within his religious community to gain investors’ trust. Federal Bureau of Investigation officials said the scheme caused financial and personal harm to dozens of victims.
Wire fraud carries a maximum sentence of 20 years in federal prison. Moshe also faces a fine of $250,000 or twice the financial loss or gain associated with the crime, whichever is greater.
The FBI’s Newark Field Office and the Securities and Exchange Commission’s New York Regional Office investigated the case.
