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A New Jersey man has admitted in federal court to orchestrating a massive $47 million investment fraud that victimized dozens of investors, most of them members of the chareidi community. Prosecutors said the scheme promised extraordinary returns but instead financed gambling debts, home renovations, and other personal expenses. Sentencing is scheduled for December.

The suspect pleaded guilty in federal court in Trenton to operating the multimillion-dollar investment fraud. He is scheduled to be sentenced on December 16, 2026.

According to court filings, between June 2019 and June 2023, the suspect raised approximately $47 million from 97 investors through his company, Capital Funding ASAP. Authorities said nearly all of the victims were members of the frum community. Investors were told their money would be used exclusively to finance short-term business loans and would generate annual returns ranging from 9% to 53%.

Instead, prosecutors said that the suspect operated a Ponzi scheme, using funds from new investors to pay earlier participants while diverting roughly $11 million for his own personal use. Investigators said the stolen money paid for gambling losses, home renovations, mortgage payments, and automobile loans.

U.S. Attorney Robert Fraser said that the suspect exploited the trust of the chareidi community to carry out the fraud. “The defendant turned the trust of the Orthodox Jewish community into a tool for fraud, using personal relationships to fuel a massive Ponzi scheme,” Fraser said. “Thanks to the combined efforts of our partners and federal law enforcement agencies, he has been brought to justice. Our office will continue to uncover financial fraud, protect investors, and hold accountable those who abuse positions of trust for personal gain.”

Stephanie Roddy, Special Agent in Charge of the FBI’s Newark Field Office, said investment scams can leave victims financially devastated and permanently alter their lives.

“Investment fraud can drain people’s bank accounts and change their lives. Dozens of victims placed their trust in the promises made by [the suspect], who admitted using their money to fund his gambling habit, among other things,” Roddy said. “The FBI Newark will pursue anyone who breaks the law to exploit victims, and we will do everything in our power to bring justice to every victim harmed by fraud.”

{Matzav.com}

President Donald Trump announced Friday that he intends to declare the Strait of Hormuz part of American territory once Iran is defeated, while also touting what he described as overwhelming U.S. success against the Iranian regime during a campaign rally in New York.

Speaking at a rally on Long Island in support of New York gubernatorial candidate Bruce Blakeman, Trump said, “After we finish defeating Iran, which is being very badly defeated, pretty soon, I will be declaring the Hormuz Strait a territory of the United States.”

Trump argued that the military campaign against Iran benefits not only the United States but the entire international community. “What we are doing [in Iran] is a great service for the world, not only for ourselves, for the world,” Trump continued.

The President also asserted that the extent of America’s battlefield success has exceeded public understanding. “Nobody has any idea how successful we are [in Iran]. You know who knows how well we are doing? Iran.”

Trump on Iran:

Pretty soon, I will be declaring the Hormuz Strait a territory of the United States. pic.twitter.com/ySyIIhvF5V

— Clash Report (@clashreport) August 14, 2026

Pointing to Iran’s air force, Trump claimed it had been completely destroyed. “They had 212 very nice airplanes, some bought from the United States, brilliantly, through Obama. And every one of their airplanes is shot down, it’s gone,” Trump said.

He went on to describe Iran’s governing structure as having been effectively dismantled, saying there was virtually no one left with whom to negotiate. “no leadership. Their leadership is gone. Their second tier is gone. The third tier is half gone. That’s one of my problems, that there is nobody to negotiate with. It’s a problem. It’s the only country in the world where nobody wants to be president.”

A day earlier, Vice President JD Vance outlined the administration’s objectives in the confrontation with Iran during an interview with Fox News, saying the White House is focused on preserving stable global energy supplies while ensuring Tehran never acquires nuclear weapons.

Explaining the administration’s priorities, Vance said, “It’s ensuring that the Gulf countries continue to send oil and gas to the world economy so that we have energy price stability. That’s obviously important for the American people. I know that oil is down today and it’s way down from the highs in the early days of the conflict. That’s goal number one, keep oil and gas cheap for Americans all over our country.”

Vance added that preventing Iran from obtaining nuclear weapons remains the administration’s second major objective. “And then obviously goal number two is [to] ensure that Iran never gets a nuclear weapon. I feel confident we’re accomplishing both of those goals, but it’s inherently an unpredictable thing because the Iranians themselves are unpredictable and they sometimes don’t honor the commitments they’ve made to us,” Vance concluded.

Treasury Secretary Scott Bessent also signaled that the United States is preparing a dramatic escalation in its economic campaign against Tehran, saying additional measures will be announced in the coming days.

“Watch this space for more announcements coming next week because we are going to apply measures like have never been seen in the history of economic isolation on a country,” Bessent told Newsmax in an interview.

He added that the administration intends to combine unprecedented sanctions with continued restrictions around the Strait of Hormuz. “It will be a combination of economic isolation like the world has never seen before, and the continued blockade in the Strait of Hormuz that will keep anything from going in or out of the Iranian ports,” he added.

{Matzav.com}