A New Jersey man, Leor Moshe, 43, of Toms River, pleaded guilty to defrauding about 100 investors in an Orthodox Jewish community of more than $47 million through a Ponzi-like scheme run from his Lakewood-based Capital Funding ASAP, LLC.

Investors were promised returns of 22% to 53% on one-year investments and 9% to 10% on short two- to three-month loans, but funds were diverted to Moshe’s personal use, gambling debts, mortgage and car payments, home renovations, credit cards, and cryptocurrency transfers.

The scheme operated from 2019 to 2023, with new investor money used to pay earlier investors and about $11 million diverted to personal expenses.

In total, at least 97 investors were defrauded, with the FBI and SEC leading the investigation and sentencing set for December 16 in Trenton.

Moshe pleaded guilty specifically to wire fraud in a parallel federal case announced alongside the SEC filing.

Moshe faces up to 20 years in federal prison and substantial fines; he remains free on a $100,000 unsecured bond ahead of sentencing.

Court records detail concrete transfers, including large loans used to pay prior investors and transfers to Moshe’s personal cryptocurrency accounts, illustrating the flow of funds in the scheme.

Two unregistered recruiters, Jacob Goldman and Isaac Odes, were paid to solicit investors and coordinated more than $23 million from at least 25 investors.

Authorities emphasized collaboration among federal agencies and regulators, including the FBI, DOJ, and SEC, in pursuing the case and warning about affinity fraud targeting trusted community networks.

Investors hailed from multiple states, with losses exceeding $25 million across Arizona, Connecticut, Florida, Illinois, New Jersey, New York, and Ohio.

The crime underscores how gambling-related debt and addiction can drive fraud within communities, prompting calls for stronger safeguards and responsible-gambling measures.

The sentencing will determine the final penalties based on the precise victim losses, marking the end of the investigative phase.