Man who scammed California Jewish community out of $7m gets seven years

Sassi Mizrahi sentenced to federal prison after he and his brother targeted over 40 people in San Fernando Valley in Ponzi scheme

A southern California man has been sentenced to more than seven years in federal prison after he and his younger brother scammed more than 40 people out of $7m in investments. Their fraud targeted victims from the San Fernando Valley's orthodox Jewish Israeli community.

From 2012 to 2019, Sassi and his brother and co-defendant Motty Mizrahi ran an investment and money management firm called MBIG Company that boasted risk-free investments and an annual return rate of 30% to double the original investment, according to court records. To add legitimacy to MBIG, Motty Mizrahi also passed himself off as a licensed broker, certified accountant and veteran trader.