Updated report: developer arrested

The Asbury Park Press moments ago reported that federal agents this morning arrested real estate developer Eliyahu Weinstein of Lakewood on charges connected to a “giant Ponzi scheme.”

The arrest comes days after a civil court zapped Weinstein with a $34 million judgment.

An afternoon release from the office of U.S. Attorney Paul Fishman reported that agents arrested Weinstein at his home with evidence that “he ran an investment fraud scheme causing losses of at least $200 million.”

The 35-year old Weinstein was charged with one count of bank fraud and one count of wire fraud in connection with the alleged scheme. 

Feds also changed Vladimir Siforov, 43, of Manalapan, with one count of wire fraud in connection with the scheme and remains at large. 

Fishman said Weinstein is expected to appear later today before United States Magistrate Judge Esther Salas in Newark federal court.

Updated report: developer arrested