Gershy (Gershon or Gary) Neumann is a Thief
Owner of the defunct Sterling Electronics in Crown Heights stole millions!
He had two different scams going on at once:
- The first and most well known (see references at bottom of this page) is his swipe-for-points scam. He convinced dozens of people to provide his company what amounted to a line of credit by permitting him to swipe their credit cards. These individuals allowed him to do this because they got lots of credit card points while assuming what they believed was minimal risk since the purchases were backed by actual merchandise. In fact, the money Gershy put on their cards acted as a slush fund. By the time this came to a head he had made off with at over $6M!
- What's less known is that at the same time he was running the swipe-for-points scam Gershy was also raising money from traditional investors. I know this because I was one of them. He claimed to need the money to make large purchases of electronics for resale. He falsified financial documents and didn't spend the money he raised the way he claimed he would. In the end stole more than $10M from a handful of people - some lost millions!
Complaint filed on 6/6/19 by Zaki Tamir on behalf of 58 plaintiffs
Dozens Burned in "Swipes for Points" Scheme
Store in "Swipe for Points" Scheme Quietly Clears Out Merchandise
Talkline With Zev Brenner on Credit Card Scams Affecting the Orthodox Jewish Community
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