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By Mike Sunnucks – Senior Reporter, Phoenix Business Journal Dec 20, 2017,
Yomtov Scott Menaged, who was one of the stars of reality television show ‘Property Wars’, has been sentenced to 17 years in prison and ordered to pay $33.6 million in restitution to victims of a real estate investment fraud.
Menaged, 40 of Phoenix, previously pleaded guilty to federal bank fraud, money laundering and identity theft charges.
According to federal investigators, Menaged embezzled money from loans meant for real estate deals and created fake real estate documents to hide the fraud. He used the money for travel, expensive homes and cars, according to prosecutors.
Menaged also was accused of creating fake credit cards in the names of people who had recently died through furniture stores he operated. That ID theft scheme totaled $2 million, according to investigators.
‘Property Wars’ ran on the Discovery Channel and featured Arizona real estate investors buying and selling foreclosed homes.
“Menaged engaged in a multi-year fraud scheme and brazenly stole from his victims their money, their identities, and ultimately their trust,” said Assistant U.S. Attorney Elizabeth Strange. “Today’s lengthy sentence is a fitting punishment for his egregious crimes.”
The IRS and Department of Homeland Security were also part of the investigation and prosecution of the reality television star.
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