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.
Help us report truthfully on social media
As a multimedia journalist, my job is to take the quality, fact-based journalism produced by The Times of Israel newsroom and make it accessible across every platform — from Instagram posts to podcasts to short-form videos.
This is how many, especially young people, consume news these days. But misinformation is rampant on social media. Our team at ToI produces accurate, responsible short-form reporting on Israel and the Jewish world.
If you believe in the importance of factual social media journalism, please consider joining our reader support group, The Times of Israel Community. Your financial support is essential to sustain responsible multimedia reporting.
— Gabriella Jacobs, multimedia journalist
Support our work
Support our work
Already a member? Sign in to stop seeing this
You're a dedicated reader
We’re really pleased that you’ve read X Times of Israel articles in the past month.
That’s why we started the Times of Israel - to provide discerning readers like you with must-read coverage of Israel and the Jewish world.
So now we have a request. Unlike other news outlets, we haven’t put up a paywall. But as the journalism we do is costly, we invite readers for whom The Times of Israel has become important to help support our work by joining The Times of Israel Community.
For as little as $6 a month you can help support our quality journalism while enjoying The Times of Israel AD-FREE, as well as accessing exclusive content available only to Times of Israel Community members.
Thank you,
David Horovitz, Founding Editor of The Times of Israel
Join Our Community
Join Our Community
Already a member? Sign in to stop seeing this
From the Liveblog of
Tuesday, July 5, 2022
Add ToI as a Preferred Source on Google
