TRENTON, N.J. — A New Jersey man whose fraud sentence was commuted by former President Donald Trump in 2021 is returning to federal prison after being convicted of yet another multimillion-dollar scheme. Eliyahu “Eli” Weinstein, also known as Mike Konig, was sentenced Friday to 37 years by U.S. District Judge Michael Shipp and ordered to pay more than $44 million in restitution.
Weinstein, 51, was found guilty in March of defrauding investors out of roughly $35 million by promising exclusive access to lucrative deals involving scarce medical supplies, baby formula, and first-aid kits allegedly destined for Ukraine. Prosecutors said the entire operation was fictitious.
This is Weinstein’s third federal fraud conviction. His earlier cases — a real-estate Ponzi scheme and further fraud committed while on pretrial release — cost investors about $230 million. He was sentenced to 24 years for those crimes but served less than eight after Trump commuted his sentence to time served on January 19, 2021, the former president’s final full day in office.
According to prosecutors, Weinstein resumed fraudulent activities almost immediately after his release. The latest scheme unraveled following complaints from investors and an ensuing federal investigation.
Weinstein’s new 37-year term is one of the longest federal fraud sentences handed down in New Jersey in recent years. He has been ordered to begin paying restitution immediately, though prosecutors say recovering the full amount remains unlikely.
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