$47 Million Raised, $25 Million Lost: SEC Charges Toms River Trio in Alleged Fraud Targeting Orthodox Jewish Communities

Published Oct. 12, 2026. Case statuses are current as of that date, based on SEC records.

Investors were told their money would fund short-term loans to small businesses and pay significant fixed returns. The Securities and Exchange Commission says more than $11 million went to the organizer personally, and investors in seven states lost more than $25 million.

On Aug. 13, 2026, the SEC charged three Toms River, New Jersey, residents, Leor Moshe, Jacob Goldman and Isaac Odes, in the U.S. District Court for the District of New Jersey [1]. The case is SEC v. Leor Moshe, et al., No. 26-civ-10253.

Important: These are allegations. None of the three has been found liable, and the release reports no settlement. The U.S. Attorney's Office for New Jersey announced parallel criminal charges against Moshe the same day; he is presumed innocent. Goldman and Odes are charged by the SEC only with registration violations, not fraud.

What the SEC alleges

According to the complaint, between about November 2019 and June 2023, Moshe, described by the SEC as the scheme's orchestrator, persuaded investors, most of whom were active members of the Orthodox Jewish community as he was, to invest in his company, Capital Funding ASAP LLC [1]. The SEC says the scheme raised about $47 million from more than 87 investors, primarily members of Orthodox Jewish communities in New Jersey and New York.

The SEC alleges:

1. The pitch. Money would fund short-term small-business loans and produce significant fixed returns.
2. Misappropriation. Rather than funding loans, Moshe allegedly took more than $11 million for personal use.
3. Ponzi-like payments. He allegedly used more than $850,000 to pay earlier investors.
4. Paid recruiters. Moshe paid Goldman and Odes, who were not registered brokers or associated with one, to recruit investors. They solicited more than $23 million from at least 25 investors, negotiated terms and helped collect funds.
5. Losses. Investors from Arizona, Connecticut, Florida, Illinois, New Jersey, New York and Ohio lost more than $25 million.

The charges

Moshe is charged with violating the antifraud provisions of the federal securities laws. Goldman and Odes are charged with violating the broker-registration provisions of the Exchange Act. The SEC seeks injunctions, disgorgement with prejudgment interest and civil penalties against all three, and a conduct-based injunction against Moshe [1].

The release does not describe the criminal charges in detail, and we did not independently review the criminal docket. We found no public response from any of the three men.

How an SEC civil case works

The Securities and Exchange Commission is a civil regulator. It cannot send anyone to prison. When it sues, it asks a federal judge for remedies such as an injunction (a court order not to break the securities laws again), disgorgement (giving up money obtained through the alleged violations), prejudgment interest, civil penalties, and sometimes bars from serving as a company officer or director or from working in the securities industry. Criminal charges, when they exist, are brought separately by the Justice Department.

A complaint is the SEC's side of the story. Until a court rules, or a defendant settles, the claims in it are allegations. Many defendants settle "without admitting or denying" the allegations, which means they accept a judgment and its penalties without conceding that the SEC's account is accurate. A "consent" that is "subject to court approval" is not final until a judge signs it. A "bifurcated" settlement resolves liability and the injunction now while leaving the dollar amounts for the judge to decide later. A default judgment is entered when a defendant does not respond to the lawsuit; it is a ruling against that defendant, but it is not a finding after a trial.

Red flags of community-based investment pitches

• Recruiters from your own community paid to bring in investors.
• "Fixed" returns from lending to unnamed businesses.
• No documentation of actual loans, borrowers or collateral.
• Discouragement from consulting outside advisers.

Before you hand anyone money for an investment

• Check the seller. Search the person and firm on Investor.gov and FINRA BrokerCheck. People who sell securities for commissions generally must be registered.
• Check the offering. Search the company name in the SEC's EDGAR database and your state securities regulator's enforcement actions.
• Treat "guaranteed" returns as a warning. Real investments carry risk. Promises of fixed monthly profits, or a guarantee that you can't lose your principal, are hallmarks of Ponzi-style schemes.
• Watch for pressure and secrecy. Deadlines, "sold out" claims, or requests to wire money to a personal or unfamiliar account deserve a pause.
• Ask how you get your money out. Excuses, delays, or new conditions when you try to withdraw are a serious red flag.

If you think you were affected

1. Save your records: account statements, wire confirmations, emails, texts and marketing materials.
2. Report it to the SEC at sec.gov/tcr and to your state securities regulator. If money was stolen, you can also report to the FBI at ic3.gov.
3. Follow the court case. If a receiver or fair fund is created, notices about claims are usually posted on the court docket or a receiver's website. The SEC does not charge fees to return money.
4. Beware of "recovery" offers. Scammers often target people who already lost money, promising to get it back for an upfront fee.

Case status (as of Oct. 12, 2026)

Defendant	Court	Status	Source
Leor Moshe	U.S. District Court, D.N.J. (No. 26-civ-10253)	SEC civil fraud complaint filed Aug. 13, 2026; allegations only; parallel criminal charges announced by D.N.J. U.S. Attorney (presumed innocent)	[1]
Jacob Goldman	Same	SEC complaint (broker-registration violations only); allegations only	[1]
Isaac Odes	Same	SEC complaint (broker-registration violations only); allegations only	[1]

Statuses can change. An SEC complaint contains allegations, not findings, unless a court has ruled.

Sources

1. U.S. Securities and Exchange Commission, Litigation Release No. 26610, "SEC Charges Toms River Trio in Connection with Alleged $47 Million Fraud Targeting Orthodox Jewish Communities," Aug. 13, 2026. https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26610

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Corrections and updates: If you are named in this article, or represent someone who is, and believe anything here is inaccurate or out of date (including a dismissal, judgment, settlement or change in case status), please contact us at editorandchief@scammers.com. We will review it and update the article promptly.