June 10, 2023 Your Source for Brentwood News

Former Fairfax Resident Arrested for Alleged Multimillion-Dollar Frauds Targeting Members of Orthodox Jewish Community

Yossi Engel faces up to 20 years in federal prison if convicted

A former Fairfax resident has been arrested on a criminal complaint alleging he defrauded investors, primarily members of the Orthodox Jewish community, by inducing them into investing millions of dollars in his security camera business and his purported real estate ventures in Israel.

According to the Justice Department, Yossi Engel, 35, who moved to Israel in March 2021 but temporarily returned to the Los Angeles area last month, is charged with one count of wire fraud.

Engel was arrested Wednesday night at Los Angeles International Airport as he was attempting to leave the country.

According to an affidavit filed with the complaint, Engel orchestrated a scheme in which he made false representations and used forged documents to induce victims to make investments in and provide loans for iWitness Tech Inc., a Hancock Park-based security camera company and for properties Engel falsely claimed to own and be developing in Israel.

Prosecutors say that from September 2018 to January 2021, Engel allegedly used his community relationships to defraud victims, who primarily came from the Orthodox Jewish communities in the Los Angeles and New York areas. Engel allegedly claimed to need money in the form of short-term loans with high rates of return for iWitness’ business operations, namely the purported purchase and installation of security cameras for its customers.

According to the Department of Justice, Engel offered short-term investments and loans in iWitness that ranged from $15,000 to $1.3 million. The investments and loans were for two weeks to six months and would purportedly provide investors with 10% to 60% annualized interest, according to the affidavit. Victims were duped, in part, by being shown copies of false and fraudulent invoices of work iWitness purportedly did with other companies.

“Engel told victims that iWitness was a large business with many clients, but in fact it did not have as much business as he claimed, and work was so slack that at times iWitness employees sat around waiting for work while Engel slept on a couch, the affidavit states.

In another part of the scheme, Engel allegedly also falsely claimed to own and be developing real estate in Israel, telling victims that he needed money for redevelopment work, and falsely promising he would sell the properties and share the profits with investors,” the Department of Justice said in a press release. “Engel showed victims a video depicting himself socializing with the mayor of Bnei Brak, Israel, and claimed to have met with the mayor concerning Engel’s purported real estate deals in the city, the affidavit states.

But Engel did not have a close relationship with the mayor, and he did not discuss with the mayor these real estate ventures in the city, according to the affidavit.

Engel allegedly used fraudulent Israel land documents to dupe victims into thinking he owned these properties, prosecutors say. Through these fake documents and his own trusted position in the Orthodox Jewish community, Engel allegedly lulled existing victims and encouraged new victims to send him money.

Engel lied to investors that he needed private investments for both iWitness and the Israeli real estate projects because he was from Israel and did not have sufficient credit in the United States to obtain the lower interest rates available through U.S. banks, the affidavit states.

But, the affidavit alleges, Engel did not use the victims’ money as promised, and instead used it for his personal expenses – including trips via private jets and casino visits – and to make Ponzi payments to investors to perpetuate the scheme.

Once the alleged scheme fell apart in early 2021, Engel fled the United States for Israel.

At this time, the FBI has identified losses of approximately $5 million. The federal criminal investigation is continuing.

If convicted, Engel would face a statutory maximum sentence of 20 years in federal prison.

In January 2023, the United States Securities and Exchange Commission sued Engel, alleging he used his ties in the Orthodox Jewish community to perpetuate a multimillion-dollar million affinity fraud.

in News
Related Posts

(Video) Shongee, One Of The Vendors At Made With PRIDE Marketplace

June 9, 2023

June 9, 2023

This interview took place at The Made with PRIDE Marketplace is located on level one in Center Plaza in Santa...

Mayor Karen Bass Has Tested Positive For The Coronavirus

June 9, 2023

June 9, 2023

A Regular Test Revealed That She Had Been Infected  Mayor Karen Bass has tested positive for Coronavirus, and her office...

Brentwood School’s Senior Celebration Honors Achievements of Class of 2023

June 9, 2023

June 9, 2023

Students, Faculty, and Alumni Association Recognize Outstanding Seniors  Families and faculty members came together to celebrate the Brentwood School Class...

Veteran Document Day Empowers Homeless Veterans To Access Critical Services

June 8, 2023

June 8, 2023

Event Provides Essential Documents and Support for Veterans  Veterans experiencing homelessness face a problematic situation frequently because they cannot access...

Little Jabronis Pop-Up Will Preview The Menu At The Highly Anticipated Best Bet

June 8, 2023

June 8, 2023

Pre-Orders Are Open Now For Friday, Pick-Ups At Chef Neroni’s The Rose Venice  By Dolores Quintana Today, Chef Jason Neroni...

(Video) Ribbon Cutting At The Grand Opening of Made With PRIDE Marketplace

June 8, 2023

June 8, 2023

Mayor Gleam Davis, Santa Monica City Council member Phil Brock, and Laura Barnehama, Co-Founder of Streetlet. The Made with PRIDE...

The Michelin Guide Announces New California Restaurants Added To The Guide

June 8, 2023

June 8, 2023

Westside Restaurants Are On The List; Designations Will Be Announced on July 18 By Dolores Quintana The MICHELIN Guide is...

A.O.C Brentwood Is Selling A Special Key Lime Pie For Charity

June 7, 2023

June 7, 2023

The Restaurant Is Helping Raise Money For Everytown and Peace4Kids By Dolores Quintana A.O.C Brentwood and West Hollywood will be...

(Video) Made With PRIDE Marketplace Intro By Laura Barnehama, Co-Founder of Streetlet

June 7, 2023

June 7, 2023

The Made with PRIDE Marketplace is located on level one in Center Plaza in Santa Monica Place which is located...

LA County Board Of Supervisors Pass A Motion Of Support For Striking WGA Writers

June 7, 2023

June 7, 2023

Motion Was Authored By Supervisors Lindsey P. Horvath and Kathryn Barger By Dolores Quintana Today The Los Angeles County Board...

Brentwood Meet Is Holding A Meet-Up At The Skirball Center

June 7, 2023

June 7, 2023

The Group Will Meet To Watch The Film “Blacklist: The Hollywood Red Scare.” By Dolores Quintana Brentwood Meet is a...

Events At The Donald Bruce Kaufman – Brentwood Branch Library For June

June 7, 2023

June 7, 2023

Exciting Musical And Reading Events Will Happen For The Entire Month By Dolores Quintana The Donald Bruce Kaufman – Brentwood...

(Video) The Grand Opening Ceremony For Made With PRIDE Marketplace Speech From Santa Monica Mayor Gleam Davis

June 6, 2023

June 6, 2023

The Made with PRIDE Marketplace is located on level one in Center Plaza in Santa Monica Place which is located...

Landlords Could Be Required To Provide Cooling Equipment To All Rental Units

June 6, 2023

June 6, 2023

The Los Angeles City Council Is Now Considering This Recommendation From Committee By Dolores Quintana While many apartments have window...

CD 5 City Councilperson Katy Yaroslavsky Introduces Motion To Change Parking Replacement Policy

June 6, 2023

June 6, 2023

This Policy Made Building Housing For The Homeless On City Property More Expensive By Dolores Quintana CD 5 City Councilperson...