NJ man charged in fraud to be freed

August 26, 2010 6:34:16 PM PDT
A New Jersey man accused of operating a multimillion dollar real estate fraud scheme is to be released on a $10 million bond secured by property.

U.S. Magistrate Judge Mark Falk ordered strict limits on Eliyahu Weinstein's release. They allow include forfeiture of his passport and allow him to leave his Lakewood home only for meetings with his attorney, medical visits or religious observances.

Weinstein is charged with bank and wire fraud.

Federal prosecutors say he preyed on members of his own Orthodox Jewish community, using his connections to defraud investors of at least $200 million.

At a hearing Thursday in Newark, Assistant U.S. Attorney Zach Intrater opposed any bail, calling Weinstein a flight risk.

Weisntein's lawyer, Ephraim Savitt, said he expects his client to be released on Friday.