The Times of Israel reports, that American-Israeli Michael Ben-Arim a/k/a Michael Greenfeld, accused of running a $150 million Ponzi scheme over 15 years, was extradited from Bosnia early Sunday to undergo trial, over what is believed to be the worst such scam ever carried out in the Jewish state, police and the Israel Securities Authority (ISA) said. He allegedly defrauded about a thousand investors in both countries in a 15-year scam. Hebrew media has dubbed Ben-Ari “the Israeli Madoff.”
Israel arrested Michael Ben-Ari in April 2021 but he fled the country following his release to house arrest after he posted a $625,000 bond, according to the ISA. He was arrested in Bosnia in July. Bosnia’s justice minister approved the extradition request on Friday after a local court rejected his appeal, and he will be brought later for a remand hearing.
In August 2022, a US federal bankruptcy authorized to recover assets from the $150 million Ponzi scheme. The ISA said that Michael Ben-Ari had defrauded victims through his investment company EGFE Israel Ltd and was wanted “on suspicion of violating the Israeli Joint Investment Trust Law, Regulation of Investment Advice, Investment Marketing and Portfolio Management Law, the Penal Law and the Prohibition on Money Laundering Law.”
This is the largest Ponzi scheme ever carried out in Israel, with almost all the assets smuggled overseas.
Eitan Erez, Israeli lawyer representing victims
According to The Times of Israel, Ben-Arim emigrated to Israel from the US in 1981 and held management positions in Bank Leumi and the Supersol supermarket chain before launching the EGFE (Ever Green Fields Enterprises) scheme in 1999.
