On Monday, a California man, Sassi Mizrahi, aged 58, was sentenced to 87 months in federal prison for wire fraud. This comes more than four years after his arrest for orchestrating a multimillion-dollar scam with his brother from their parents’ home in Encino.
Mizrahi was accused of defrauding numerous members of the local Orthodox Jewish Israeli community, amassing a total of $7 million between 2012 and 2019. His tactic involved convincing victims to invest in a fake company. Assuring them of “guaranteed” monthly returns and the ability to withdraw their funds later, Mizrahi and his brother diverted the money into their personal trading accounts, according to prosecutors.
In February, Mizrahi was found guilty on five counts of wire fraud. As part of his sentencing on Monday, he was also mandated to pay over $4 million in restitution. His brother, Motty Mizrahi, aged 51, had previously pleaded guilty in January to six counts of wire fraud and one count of aggravated identity theft. Motty is set to be sentenced next month.
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