Authorities in the US have charged an Israeli man with defrauding investors, primarily Orthodox Jews, of at least $47 million before fleeing to Israel in 2021.
According to an indictment filed last week by the US Securities and Exchange Commission, Yossi Engel used his company iWitness Tech to target potential investors from Orthodox Jewish communities in Los Angeles and New Jersey.
The investors were looking to purchase security camera equipment and invest in real estate in Israel, said the indictment, which was filed in the federal court in California.
Between December 2018 and January 2021 Engel presented himself as a businessman seeking capital to purchase and install security cameras in Los Angeles as antisemitic incidents climbed in the US.
Engel, 35, also bilked investors by telling them he would use their funds to purchase property in Israel, which he promised to then renovate and sell for profit. He duped at least 29 members of the Orthodox Jewish community across the US.
“Both of these claims were false,” the indictment said. “Engel misappropriated the funds by spending investor money for his personal benefit and making Ponzi-like payments to earlier investors in an attempt to keep the scheme going.”
Engel is accused of violating several sections of the US Securities Exchange Act. If…
