A United States (US) federal bankruptcy court issued an emergency order yesterday approving a lawyer representing Israel to recover lost funds of more than $150 million for investment victims of one of the largest Ponzi schemes operated in the occupation state.

The proceeding is against Michael David Greenfield, also known as Michael Ben-Ari, whose Israeli investment company EGFE Israel Ltd is suspected of being “one of the largest known Ponzi schemes in Israel.”

A Ponzi scheme is an illegal, fraudulent investment operation that pays “returns” to investors from their own money, or money paid by later investors, rather than from an actual earned revenue.

On his EGFE site, Greenfield claims to have held management positions in Bank Leumi, Israel’s second largest bank, and in Supersol, Israel’s second largest supermarket chain.

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According to the US Seiden Law Group, which represents…

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