An Israeli man accused of running a $150 million Ponzi scheme was extradited from Bosnia early Sunday to undergo trial, over what is believed to be the worst such scam ever carried out in the Jewish state, police and the Israel Securities Authority said.
Michael Ben-Ari, also known as Michael Greenfeld, is an American-Israeli accused of defrauding about a thousand investors in both countries in a 15-year scam. Hebrew media has dubbed Ben-Ari “the Israeli Madoff.”
Israel arrested Ben-Ari in April 2021. But he fled the country on someone else’s passport following his release to house arrest after he posted a NIS 2 million ($625,000) bond, according to the Israel Securities Authority.
He was arrested in Bosnia in July, according to Hebrew media.
Bosnia’s justice minister reportedly approved the extradition request on Friday, after a local court rejected his appeal, and he will be brought later for a remand hearing.
In August 2021, a US federal bankruptcy court in Manhattan authorized a lawyer representing Israel to recover assets from the Ponzi scheme.
The Securities Authority has previously been said to be also investigating one of Ben-Ari’s friends and investors, Nahum Eisenstadt, on suspicion of providing Ben-Ari with his passport to help him escape.
The Securities Authority said last year…
