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A Brazilian Jewish businessman accused of bilking investors of $10,000,000s, earning comparisons to Bernie Madoff, was arrested in Rio de Janeiro after more than a year in hiding.
Jonas Jaimovick, who turned himself in to Rio Police on Monday, made headlines for disappearing with $32 million in the country’s largest ever pyramid scheme.
Jaimovick, 39, who owns investment firm JJ Invest, launched the illegal enterprise in the Jewish community after ingratiating himself there sponsoring & promoting several projects in synagogues, schools & elsewhere. His 3000 clients include celebrities & well-known athletes who believed his promises of high earnings.
Globo TV reported the arrest showing Jaimovick holding a Torah scroll, spurring a letter of criticism from a Rio Jewish City Council member, Teresa Bergher. O Globo newspaper used the same photo last year in an article about Jaimovick titled “Dangerous Connections”
“As a member of the Jewish community of Rio de Janeiro & chair of the city human rights commission & city council, I ask to avoid use of Jewish symbols connected to the owner of JJ Invest,” she wrote.
Bergher said showing Jaimovick holding a Torah, “the greatest symbol of the Jewish religion,” could “generate confusion & a wave of anti-Semitism.”
Starting his scheme in mid-2016 – he shared pictures of officials, rabbis & friends on social media — Jaimovick quickly expanded beyond those circles. Passionate about soccer, the man typically referred to by his initials, JJ, sponsored teams + brought on current & former players as clients. His photos with soccer stars & media celebrities went viral & helped multiply his business.
Numerous lawsuits seek reimbursement from Jaimovick & JJ Invest, according to Rio Police, UOL news reports.
Madoff’s $19 billion scheme also included defrauding many prominent Jews, who suffered major losses. Madoff is serving a 150-year sentence in a federal prison.
Jaimovick is charged with fraud, among other crimes & faces as much as 22 years in prison.
Jaimovick grew up in Rio’s strong Jewish community, attending school & a youth movement. His wealthy family’s assets disappeared with the death of his father in 2012 & problems in the family transport company, O Globo reported.
In early 2019, media reported Jaimovick being investigated, leading to widespread unsuccessful attempts by JJ Invest customers to get their money back. But Jaimovick’s whereabouts remained unknown. Reports said he hid in the Barra neighborhood of Rio.
His passports were seized & his wife prevented from traveling to Israel with their child minutes before boarding a plane.
“Jonas broke trust, destroyed lives, hurt a community of 100,000+ & stained images,” said a victim to O Globo anonymously, claiming he developed depression, anxiety & heart disease.
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