By: Richard L. Smith
An Ocean County man admitted to operating a massive Ponzi-like investment scheme that federal prosecutors said defrauded more than 97 victims out of approximately $47 million.
U.S. Attorney Robert Frazer announced that Leor Moshe, 43, of Toms River, pleaded guilty to a wire fraud charge before U.S. District Judge Robert Kirsch in Trenton Federal Court.
According to federal court documents and statements made during the proceedings, Moshe operated the scheme through his company, Capital Funding ASAP LLC, between June 2019 and June 2023.
Federal prosecutors said Moshe persuaded victims to invest by claiming their money would be used exclusively to fund short-term business loans capable of generating returns ranging from 9% to 53%.
Instead, authorities said Moshe used money from newer investors to make Ponzi-like payments to earlier investors while diverting millions of dollars for his own use.
Investigators said approximately $11 million went toward personal expenses, including gambling debts, home renovations, mortgage payments and car loans.
According to federal officials, the investors were predominantly members of the Orthodox Jewish community, with prosecutors alleging Moshe exploited personal relationships and trust within the community to attract investments.
FBI Newark Special Agent in Charge Stefanie Roddy said dozens of victims trusted Moshe’s promises, while he admitted using portions of their money to support his gambling habit and other expenses.
Moshe ultimately obtained approximately $47 million from investors, federal authorities said.
The wire fraud charge carries a maximum sentence of 20 years in federal prison and a fine of $250,000, or twice the gross financial loss to victims or gain to the defendant, whichever amount is greater.
Moshe is scheduled to be sentenced on December 16, 2026.