'Israeli Madoff' convicted of $150 million pyramid scheme

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Tel Aviv District Court Convicts Michael Ben-Ari for his role in running the Ponzi scheme 150 million dollars, which is considered the worst such scam ever carried out in the Jewish state.

Under a court-approved plea agreement, Ben-Ari will serve 5 to 9.5 years behind bars. Details of the verdict will be determined by the court in six months.

Ben-Ari, also known as Michael Greenfield, a US and Israeli citizen, was found guilty of defrauding about a thousand investors in both countries in a 15-year scam. Ben-Ari has been dubbed the “Israeli Madoff” by the Jewish media.

Under the agreement, Ben-Ari must cooperate with the authorities until the final verdict is reached as the authorities try to recover the assets and funds of the victims of the pyramid scheme. During this period, Ben -Ari will remain in custody.

The swindler was arrested in Israel in April 2021. But he managed to escape the country on someone else's passport after being released under house arrest on a NIS 2 million ($625,000) bail. He was later caught in Bosnia and extradited back to Israel.

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