Money troubles

Sally Ridge’s man told to ‘pay up’

A sheep-farming family from Te Kuiti lost millions of dollars after being duped in a Facebook scam.

Members of Gerald Chambers’ family were tricked into buying almost $6 million worth of nonexistent shares before Facebook launched on the New York Stock Exchange in 2012 — and are now fighting to recover the money.

They had unwittingly been taken in by New York-based fraudsters who claimed to have “special access” to shares in the social networking company’s initial stock offering.

The scammers also convinced the Chambers to invest more than $3 million to buy a share in a Florida apartment complex. According to the FBI, the fraudsters instead redirected the money to their own accounts.

In total Chambers family members invested about $9m and have got back only $2m.

Gerald Chambers said he was spearheading the family’s attempts to recover their money, which had been a nest egg for his three adult children, including top long-distance swimmer Kimberley Chambers. “We’re going to have to fight our way through it and we will,” said Gerald.

After realising they had lost millions, Gerald and son Julian took part in an audacious sting on the alleged ringleader, Eliyahu Weinstein, secretly taping him making incriminating statements in a meeting in a New Jersey hotel.

Weinstein had used the Chambers’ money to fund his lavish lifestyle, including $6.2m worth of watches, and a $14m collection of Jewish artefacts.

Already facing a 22-year sentence for ripping off members of his own synagogue in a 10-year $250m real estate ponzi scheme, Weinstein has pleaded guilty to his part in ripping off the Chambers family. A second fraudster, New Jersey businessman Alex Schleider, who befriended the Chambers and convinced them to invest, has also pleaded guilty and is awaiting sentencing.

“The criminal thing is still going on,” said Gerald.

“It will probably make a good book,” he added.