SEC Charges Toms River Trio in Connection with Alleged $47 Million Fraud Targeting Orthodox Jewish Communities

The Securities and Exchange Commission (SEC) has accused three Toms River residents in New Jersey of orchestrating an affinity investment fraud scheme that defrauded more than $47 million from over 87 investors. Most of these investors were members of Orthodox Jewish communities in New Jersey and New York. The SEC alleges that the scheme was led by Leor Moshe, who promised investors returns of over 30%, which is considered a warning sign of fraudulent activity.

Moshe allegedly used the money for personal gain and to pay earlier investors, rather than for legitimate business loans as he claimed. Jacob Goldman and Isaac Odes, two other Toms River residents, were also charged for their roles in recruiting investors and facilitating fund collection.