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‘Israeli Madoff’ arrested in Bosnia over $150m Ponzi scheme, Israel to ask for extradition

Michael Ben-Ari (Greenfield) wanted for running an alleged $150 million Ponzi scheme that defrauded several hundred US and Israeli investors (Courtesy EGFE)
Michael Ben-Ari (Greenfield) wanted for running an alleged $150 million Ponzi scheme that defrauded several hundred US and Israeli investors (Courtesy EGFE)

An Israeli man accused of running a $150 million Ponzi scheme has recently been arrested in Bosnia, and the Jewish state intends to file a formal extradition request, Hebrew media reports sasy, citing state prosecutors.

Michael Ben-Ari, also known as Michael Greenfield, is an American Israeli accused of defrauding hundreds of people in both countries in a 15-year scam. Hebrew media has dubbed Ben-Ari “the Israeli Madoff.”

Israel arrested Ben-Ari in April 2021. But he fled the country a month later on someone else’s passport following his release to house arrest after he posted a NIS 2 million ($625,000) bond, according to the Israel Securities Authority.

Last August, a US federal bankruptcy court in Manhattan authorized a lawyer representing Israel to recover assets from the Ponzi scheme, believed to be the worst such scam ever carried out in the Jewish state.

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