Bail has been set at $10 million for a New Jersey man accused of operating a multimillion dollar real estate fraud scheme that federal prosecutors say preyed on the Orthodox Jewish community.
Federal prosecutors say Eliyahu Weinstein leveraged his community connections to defraud would-be investors of at least $200 million.
Weinstein’s lawyer, Ephraim Savitt, argued Thursday before a federal judge in Newark for lower bail.
Prosecutors oppose bail, claiming Weinstein is a flight risk.
Savitt says his client is innocent and disgruntled former business partners who are suing Weinstein over losses are behind the charges.
Weinstein has been in custody since he was arrested Aug. 12 at his Lakewood home.