NJ Man Stole $47M From Ponzi Investors, Paid Off His Gambling Debts

TRENTON, NJ — A Toms River man has admitted to stealing more than $47 million from more than 97 people and using the funds to pay off gambling and personal expenses while also paying investors through a Ponzi-like investment scheme, U.S. Attorney Robert Frazer said Thursday.

Leor Moshe, 43, pleaded guilty on Thursday to a charge of wire fraud before U.S. District Judge Robert Kirsch in federal court in Trenton. Sentencing is scheduled for Dec. 16.

Moshe's primary victims were members of the Orthodox Jewish community, the U.S. Attorney's Office said.

"The defendant turned the trust of his own religious community into a tool for fraud, exploiting personal relationships to fuel a massive Ponzi scheme," Frazer said. "Thanks to the combined efforts of our colleagues at the SEC and federal law enforcement, he has been brought to justice. Our office will continue to expose financial fraud, protect the investing public, and hold accountable those who abuse positions of trust for personal gain."

"Investment fraud can drain people's bank accounts and also upend their lives. Dozens of victims placed their trust in promises made by Moshe, who admits he used their money to pay off his gambling habit, among other things," said Stefanie Roddy, FBI special agent in charge of the Newark Field Office.

Moshe operated between June 2019 and June 2023, according to court documents and testimony, inducing members of the Orthodox Jewish community to invest in his company, Capital Funding ASAP LLC, by telling them their investments would be used exclusively to fund short-term business loans that would generate returns between 9 percent and 53 percent, among other things, federal authorities said.

In reality, Moshe used the money to make Ponzi-like payments to earlier investors and for personal expenses such as gambling debts, home renovations, mortgage loans, and car loans.

Moshe obtained about $47 million from investors and used approximately $11 million for personal expenses.

The wire fraud charge carries a maximum penalty of 20 years in prison and a fine of $250,000, or twice the gross loss to the victim or gain to the defendant, whichever is greatest.