Eli Weinstein: A Real Estate Cautionary Tale

August 12, 2010

This morning, Eli Weinstein was arrested after real estate investors claimed that he scammed them out of hundreds of millions of dollars.

Weinstein may call New Jersey home, but his investors are American, British, and Israeli. According to the official complaint, Weinstein talked investors into putting down money for properties Weinstein claimed to own but in reality did not own.

Whether the charges of Weinstein are true or not, his story is a cautionary tale for those looking to invest in real estate. Many of his supposed victims say that they place their trust in him too easily because he was a friend or a long-time acquaintance. When investing in anything, whether it is real estate or other ventures, make certain that the person is reputable. Do not rely upon the fact that you know the person involved. Get all the facts before putting down any money.

To read the full story, go to http://www.app.com/article/20100812/NEWS/100812061/Investigative-Report-Inside-Weinstein-s-house-of-cards.

Looking for a new home? Be sure and check out Benjamin James Real Estates’ informational website Neighborhood NYC at http://www.neighborhoodnyc.com/.

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