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Leor Moshe, 43, of Toms River, New Jersey, has pleaded guilty to orchestrating a Ponzi-like investment scheme that defrauded nearly 100 victims — most of them members of his Orthodox Jewish community — of more than $47 million.
Moshe entered his plea to a single count of wire fraud Aug. 13 before US District Judge Robert Kirsch in federal court in Trenton, according to the US Attorney’s Office for the District of New Jersey.
Moshe ran the scheme from June 2019 to June 2023 through his company, Capital Funding ASAP LLC, which was incorporated in 2018 and marketed as a lender offering short-term loans to small businesses in need of quick capital.
The case underscores a broader concern researchers have raised about gambling-related debt and its hidden toll on families and communities — an issue that has drawn renewed attention as Congress considers responsible gambling study legislation.
Prosecutors say scheme funded gambling habit
Court documents show Moshe falsely promised investors their money would fund only short-term business loans, guaranteeing returns of 22% to 53% on one-year investments and 9% to 10% on loans lasting two to three months. Instead, he used incoming investor funds to pay off earlier investors in classic Ponzi fashion while diverting millions of dollars for himself.
Court records detail several transactions that illustrate the scheme:
- February 2021: Moshe received $380,000 from an investor who had been promised 9% to 10% returns. Three days later, he transferred about $88,000 of that money to his personal cryptocurrency account.
- January 2023: Two investors gave Moshe a combined $350,000 for short-term loans; he used about $262,000 of it to pay earlier investors.
- February 2023: Moshe persuaded a victim to lend him $2 million tied to a Jackson, New Jersey, property, pledging his interest in the property as collateral and promising a 53% return within a year. Within three days, he used $820,000 of that money to pay five earlier investors.
Investigators say Moshe misappropriated at least $11 million for personal use, including gambling debts, mortgage and car payments, home renovations, credit card bills and cryptocurrency transfers.
“The defendant turned the trust of his own religious community into a tool for fraud, exploiting personal relationships to fuel a massive Ponzi scheme,” US Attorney Robert Frazer said.
“Thanks to the combined efforts of our colleagues at the SEC and federal law enforcement, he has been brought to justice. Our office will continue to expose financial fraud, protect the investing public and hold accountable those who abuse positions of trust for personal gain.”
FBI Newark Field Office Special Agent in Charge Stefanie Roddy added that investment fraud “can drain people’s bank accounts and also upend their lives,” noting that dozens of victims trusted Moshe, who has admitted using their money to pay off his gambling habit, among other expenses.
The court record does not detail the extent of Moshe’s gambling activity. He does have a profile on the poker database The Hendon Mob, showing a single recorded live tournament cash: a $535 win at a no-limit hold ’em event at Parx Casino in Philadelphia in May 2015.
SEC accuses two more Toms River residents of fraud
In a related civil action, the US Securities and Exchange Commission filed a complaint alleging that between November 2019 and June 2023, Moshe and two other Toms River residents, Jacob Goldman and Isaac Odes, ran the fraud.
The SEC alleges Goldman and Odes, who were not registered broker-dealers, were paid by Moshe to recruit investors. The agency’s complaint further alleges Moshe used more than $850,000 to make Ponzi-like payments to earlier investors.
The SEC said some investors were promised returns exceeding 30%, which “definitely falls into the ‘if it sounds too good to be true, it probably is’ category,” according to an agency official. The SEC is directing investors to its Investor.gov website and its guidance on avoiding scams that target specific communities.
Moshe faces years in prison, steep financial penalties
Moshe remains free on a $100,000 unsecured bond ahead of sentencing, which is scheduled for Dec. 16, 2026, before Judge Kirsch. He faces up to 20 years in prison, along with a potential fine of up to $250,000 or twice the amount of victims’ losses or his own gains — whichever is greater — and could also be ordered to pay restitution.
Defense attorney Steven Yurowitz of New York represents Moshe. The criminal case was prosecuted by Assistant US Attorneys Jennifer Kozar, chief of the General Crimes Unit, and Christopher Fell of the Economic Crimes Unit.
