SEC v. Yossi Engel

Yossi Engel allegedly perpetrated a $47 million affinity fraud from December 2018 to January 2020, targeting members of the Orthodox Jewish community, according to the SEC. Engel allegedly told investors he would use their funds to purchase security camera equipment or to purchase and develop property in Israel. The complaint alleges that rather than use investor money to purchase cameras or develop property, Engel misappropriated the funds by spending investor money for his personal benefit and making Ponzi-like payments to earlier investors.

Summary generated from official Securities and Exchange Commission press release