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14.07.03, 12:08
Ile samochodow mozna kupic za 130mln dolarow ?

2 Israelis in US confess to defrauding investors of $130m

Their victims included 300 clients from Israel, Saudi Arabia, Canada, and the
US. The maximum sentence is 20 years.

Ran Dagoni, Washington 13 Jul 03 15:55

An Israeli father and son in Los Angeles, Moshe and Zvi Leichner, have agreed
to plead guilty in a US federal court to defrauding 300 investors from
Israel, Saudi Arabia, Canada, and the US of $130 million.
The investors cannot be identified publicly, but the biggest victim is
probably a financial manager in Florida, who gave the two Israelis $40
million belonging to his customers. Several victims have filed civil suits
against the Leichners. It is not clear whether the Saudi Arabian investors
were aware that the Leichners are Israeli.

The Leichners were convicted of fraud and money laundering on the basis of
their confession. As part of a plea bargain, they agreed to forfeit to the
authorities a number of luxury houses and cars, and money in their accounts
outside the US, in an attempt to return most of the money attained by fraud.
The maximum sentence is 20 years.

Moshe Leichner, 54, has US citizenship. He and his son operated through a
company named Midland Euro Exchange in Sherman Oaks in the San Fernando
Valley, California.

The two men’s confession shows that they employed a Ponzi scheme to defraud
the investors. The investors initially received a substantial return on their
investments, thereby tempting them to invest more, and attract more
investors. The returns on the investments stopped after the investor was of
no further use, and the same trick was used on other investors.

The Leichners, who recruited their clients mostly through the Internet,
promised potential investors to put their money into the global currency
markets, and promised monthly returns of 2-4% on the investments. They
asserted that 40-85% of the investments were guaranteed against losses. Only
20% of the money, however, was actually invested in the currency markets.
Most of the money was spent on airplanes, boats, and luxury houses and cars.

The National Futures Association audited the Midland Euro books in October
2001, after which it forbade the company to operate on the foreign currency
markets. The prosecution says the Leichners ignored the order, and used other
names to continue their fraud.

In order to cover themselves, the Leichners sent their clients monthly
reports showing that their accounts had grown by 2-4%, as promised.

According to an article in the St. Petersburg Times, a confidential FBI
informant told the FBI how Midland Euro conducted business. The informant
said “Moshe Leichner would go down the list of names and make comments such
as, 'We need to get more money from this guy. Let's show a 5 percent
gain.' 'This guy wants his money back. Let's show a 6 percent loss’.” Court
pleadings quote Moshe Leichner saying, "The object is to take the money and
not show the client where it goes." The court refused to release the
Leichners on bail, fearing they would escape, and they have been held in jail
for several months.



    • Gość: Fląder Re: Powiedz nam fredziu IP: *.acn.pl 14.07.03, 12:11
      stammbaum napisał:

      > Ile samochodow mozna kupic za 130mln dolarow ?
      >
      > 2 Israelis in US confess to defrauding investors of $130m
      >
      > Their victims included 300 clients from Israel, Saudi Arabia, Canada, and the
      > US. The maximum sentence is 20 years.
      >
      > Ran Dagoni, Washington 13 Jul 03 15:55
      >
      > An Israeli father and son in Los Angeles, Moshe and Zvi Leichner, have agreed
      > to plead guilty in a US federal court to defrauding 300 investors from
      > Israel, Saudi Arabia, Canada, and the US of $130 million.
      > The investors cannot be identified publicly, but the biggest victim is
      > probably a financial manager in Florida, who gave the two Israelis $40
      > million belonging to his customers. Several victims have filed civil suits
      > against the Leichners. It is not clear whether the Saudi Arabian investors
      > were aware that the Leichners are Israeli.
      >
      > The Leichners were convicted of fraud and money laundering on the basis of
      > their confession. As part of a plea bargain, they agreed to forfeit to the
      > authorities a number of luxury houses and cars, and money in their accounts
      > outside the US, in an attempt to return most of the money attained by fraud.
      > The maximum sentence is 20 years.
      >
      > Moshe Leichner, 54, has US citizenship. He and his son operated through a
      > company named Midland Euro Exchange in Sherman Oaks in the San Fernando
      > Valley, California.
      >
      > The two men?s confession shows that they employed a Ponzi scheme to defra
      > ud
      > the investors. The investors initially received a substantial return on their
      > investments, thereby tempting them to invest more, and attract more
      > investors. The returns on the investments stopped after the investor was of
      > no further use, and the same trick was used on other investors.
      >
      > The Leichners, who recruited their clients mostly through the Internet,
      > promised potential investors to put their money into the global currency
      > markets, and promised monthly returns of 2-4% on the investments. They
      > asserted that 40-85% of the investments were guaranteed against losses. Only
      > 20% of the money, however, was actually invested in the currency markets.
      > Most of the money was spent on airplanes, boats, and luxury houses and cars.
      >
      > The National Futures Association audited the Midland Euro books in October
      > 2001, after which it forbade the company to operate on the foreign currency
      > markets. The prosecution says the Leichners ignored the order, and used other
      > names to continue their fraud.
      >
      > In order to cover themselves, the Leichners sent their clients monthly
      > reports showing that their accounts had grown by 2-4%, as promised.
      >
      > According to an article in the St. Petersburg Times, a confidential FBI
      > informant told the FBI how Midland Euro conducted business. The informant
      > said ?Moshe Leichner would go down the list of names and make comments su
      > ch
      > as, 'We need to get more money from this guy. Let's show a 5 percent
      > gain.' 'This guy wants his money back. Let's show a 6 percent loss?.?
      > 1; Court
      > pleadings quote Moshe Leichner saying, "The object is to take the money and
      > not show the client where it goes." The court refused to release the
      > Leichners on bail, fearing they would escape, and they have been held in jail
      > for several months.
      >
      >
      >
      >
    • Gość: Flaąder Re: Powiedz nam fredziu IP: *.acn.pl 14.07.03, 12:15
      stammbaum napisał:

      > Ile samochodow mozna kupic za 130mln dolarow ?
      >
      > 2 Israelis in US confess to defrauding investors of $130m
      >
      > Their victims included 300 clients from Israel, Saudi Arabia, Canada, and the
      > US. The maximum sentence is 20 years.
      >
      > Ran Dagoni, Washington 13 Jul 03 15:55
      >
      > An Israeli father and son in Los Angeles, Moshe and Zvi Leichner,

      Izraelczyk nie izraelczyk, ja to bym takiemu z taki nazwiskie m nie dał ani grosza. Ale głupki dali, chyba nie wiedzieli co to nazwisko znaczy.

      Teraz niech sie cieszaą że wogle żyją.

      F.
    • stammbaum Interesy z Turasami 14.07.03, 12:45
      Jakies nieporozumienie czy ktos kogos chcial naciagnac ?

      “Yediot Ahronot”: Turks cancel IAI Hercules upgrade

      The Turks notified Israel Aircraft Industries on Friday that the$14 million
      project was cancelled.

      13 Jul 03 14:22

      Hebrew daily “Yediot Ahronot” reports that the Turkish Air Force has cancelled
      a $14 million contract with Israel Aircraft Industries (IAI) to upgrade seven C-
      130 Hercules planes. The Turks wanted the upgrade to include systems that IAI
      claimed were not part of the contract. Ministry of Defense director general
      Amos Yaron tried to mediate, but the Turks insisted that the contract included
      the additional systems.
      The Turks notified IAI on Friday that the project was cancelled.

      The cancellation is a major blow to IAI, which had developed a special plan for
      the C-130, and had hoped that the Turkish contract would lead to more
      contracts.


    • stammbaum Co jest fredziu 14.07.03, 17:14
      Zyjesz jeszcze ?
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