A Brooklyn rov lost his life savings – and even his shul – to a Yonkers man using a telecommunications company as a “front” for a Ponzi scheme, a new lawsuit claims.
Khal Darkei Chaim of Boro Park and Rav Avrohom Horowitz filed the suit in Brooklyn Supreme Court last week claiming they were scammed out of $200,000 and left “penniless” by Raymond Bouraad of Yonkers after investing in domestic and overseas minutes through Bouraad’s company, Talktime World.
Bouraad “stole” most of the cash the kehillah invested last year and “used it to [support] his lavish lifestyle,” the suit alleges.
“This is my worst nightmare,” Rav Horowitz told The NY Post. “I got some of my congregants to invest after I was sold a bill of goods. I lost my dignity and their respect as rabbi after the checks bounced.”
Bouraad says that the of the members of the shul at 1847 60th St. are not true and that they “actually made a $26,000 profit on their investments.”
Rav Horowitz lives atop the shul, which opened three years ago and has 120 members. He took out $1.6 million in mortgages to build it but said that tab has since been paid off through donations.
{NY Post/Matzav.com}
There’s one born every minute
When will people learn?!
Wise men learn from other’s mistakes. Ordinary people learn from their own mistakes.
when will everyone learn that if you want to invest don’t invest in Madoff. Madoff got MAD & fell OFF, if you want to invest then invest in Charity its an eternal investment you cant go bad, you know your stocks went up & you take it with you to the next world
Let’s all kick a person when he’s down. This is why commenting isn’t such a great thing.