Lakewood Man Charged in $200-Million Real Estate Scheme

A New Jersey man has been indicted for allegedly operating a $200 million real estate fraud that victimized members of his own Orthodox Jewish community.

The 45-count federal indictment charges the 36-year-old Lakewood resident with multiple counts of wire fraud and money laundering as well as bank fraud and conspiracy.

Weinstein was initially charged with bank fraud in August 2010. Prosecutors allege between 2004 and this year he and another man, Vladimir Siforov, forged documents to convince investors they could make big profits "flipping" properties. Weinstein allegedly used their money to buy luxury items.

Weinstein faces up to 30 years in prison on the bank fraud charge and up to 20 years each on the wire fraud charges. His attorney says he will plead not guilty.

Siforov remains a fugitive.