Israel’s own Madoff arrested
Promising his victims a 5% return per month, he never even intended to invest their money, covering the interest from newly-acquired clients.
Heifetz had all kinds of stories for his alleged victims. For some, he was an ex-Merrill Lynch analyst who works at Credit Suisse, for some, a future doctor of economics, for others, an ex-trooper, now in the secret service, despite the fact that in reality, he avoided military service due to ill health.
To the lonely women, he spoke of a potential marriage.
Meanwhile, the already-married Heifetz rented an apartment that cost him $3,000 a month, and spent money on jewelry.
Overall, his schemes worked on around 60 victims, earning some $6 million. This prompts a comparison with Bernard Madoff.
His lawyers, however, will try and change the accusation from fraud to a much softer 'mismanagement.'