New Jersey Man Admits Defrauding Orthodox Jewish Community of $47M to Pay Gambling Debts

A New Jersey man has pleaded guilty to defrauding nearly 100 victims of more than $47 million through a Ponzi-like investment scheme, with much of the stolen money used to cover his “gambling habit.”

The United States Attorney’s Office for the District of New Jersey said Thursday (Aug. 13) that Leor Moshe, 43, of Toms River, admitted to targeting the Orthodox Jewish community in which he was a part to carry out a fraudulent securities offering.

Charging documents detail that Moshe exploited the trust of his religious synagogue by convincing victims to invest with his company, Capital Funding ASAP, LLC.

Capital Funding claimed to be engaged in offering short-term loans to businesses in need of immediate capital. Moshe promised his victims fixed returns of between 22% and 53% on one-year investments and between 9% and 10% on short two- and three-month investments.

In reality, federal prosecutors say Moshe was stealing their money to pay for his excessive lifestyle, which included an addiction to gambling.

Victim Losses Exceed $25M

The information sheet Moshe pleaded to says he used new investments to pay interest to earlier investors, but the bulk of the money simply went to his personal expenses.

While Moshe promised in investment contracts that the money would be used “exclusively to fund short-term business loans,” in reality, the money paid for Moshe’s home renovations, mortgages, and car loans. Moshe also used the money to “pay for gambling debts.”

“Instead of funding business loans, Moshe misappropriated at least $11 million for himself—to pay gambling debts, personal credit card bills, home renovation expenses, and mortgage and car payments. He also used investor funds to pay earlier investors in a Ponzi-like fashion. Capital Funding made few, if any, legitimate loans,” court documents read.

By the time the scheme collapsed in mid-2023, prosecutors say investors had lost more than $25 million.

In his guilty plea, Moshe acknowledged that he faces up to 20 years’ imprisonment and restitution amounting to twice the gross loss to victims.

Moshe will be sentenced on Dec. 16, 2026, by U.S. District Judge Robert Kirsch in Trenton. Moshe remains free on a $100,000 unsecured bond.

Gambling Details

Court records do not detail how much investor money went to paying down Moshe’s gambling debts. However, FBI Special Agent Stefanie Roddy, who leads the Newark Field Office, highlighted the gambling debts in her statement on Moshe’s guilty plea.

“Dozens of victims placed their trust in promises made by Moshe, who admits he used their money to pay off his gambling habit, among other things,” said Roddy.

The government did not specify what sort of gambling Moshe participated in, but Casino.org found a profile for him on the poker database The Hendon Mob. Moshe has only one live cash tournament result, winning $535 in May 2015 at a No-Limit Hold’em event at Parx Casino in Philadelphia.