SEC Charges Toms River Trio Over Alleged $47 Million Affinity Fraud
SEC alleges Leor Moshe, Jacob Goldman and Isaac Odes raised $47 million in an affinity fraud that left investors across seven states down over $25 million.
Summary
On August 13, 2026, the SEC filed Securities and Exchange Commission v. Leor Moshe, et al., No. 26-civ-10253, in the District of New Jersey and issued Litigation Release No. 26610. The complaint alleges Moshe raised approximately $47 million from more than 87 investors, primarily Orthodox Jewish community members in New Jersey and New York, through Capital Funding ASAP LLC from approximately November 2019 to June 2023. He allegedly promised significant fixed returns from short-term small-business loans but used more than $11 million personally and over $850,000 for Ponzi-like payments.
The SEC alleges unregistered recruiters Jacob Goldman and Isaac Odes solicited more than $23 million from at least 25 investors, negotiated terms and facilitated fund collection. Investors in Arizona, Connecticut, Florida, Illinois, New Jersey, New York and Ohio lost more than $25 million. Moshe faces federal securities antifraud claims, while Goldman and Odes face broker registration claims under the Securities Exchange Act of 1934. The SEC seeks permanent injunctions, disgorgement with prejudgment interest, civil penalties and a conduct-based injunction against Moshe. The U.S. Attorney’s Office for the District of New Jersey simultaneously announced criminal charges against Moshe for similar conduct.
Emmy Rush and Neil Hendelman conducted the SEC investigation under Rebecca Reilly and Thomas P. Smith, Jr. Litigation will be led by Rush, Travis Hill and Paul Gizzi under Christopher Colorado, with assistance from the U.S. Attorney’s Office and FBI. The SEC directed investors to its Investment Scams Targeting Groups webpage and Investor.gov for background checks.
Positives
- Permanent injunctions, disgorgement with prejudgment interest and civil penalties are sought against the defendants.
- A conduct-based injunction against Leor Moshe could restrict conduct resembling the alleged scheme.
- Parallel criminal charges against Moshe add scrutiny from the U.S. Attorney’s Office for the District of New Jersey.
- FBI and federal prosecutor assistance supplements the SEC investigation and civil litigation.
Risks & concerns
- More than $25 million was lost by investors across Arizona, Connecticut, Florida, Illinois, New Jersey, New York and Ohio.
- More than $11 million was allegedly diverted by Leor Moshe for personal use rather than short-term small-business loans.
- Over $850,000 allegedly funded Ponzi-like payments to earlier investors.
- More than $23 million came from at least 25 investors solicited by unregistered recruiters Jacob Goldman and Isaac Odes.
- Approximately $47 million was raised from more than 87 investors, primarily members of Orthodox Jewish communities.
