BACKGROUND OF JAN WIMPFHEIMER CASE
Jan Wimpfheimer took tens of millions of dollars from close to 70 investors. In order to convince them to part with their money, Wimpfheimer offered a fantastic 24% return to some and to others he offered his personal guarantees on their principal.
To date, Wimpfheimer has defaulted on millions of dollars to his investors and has not honored his personal guarantees. The company investors were supposedly investing in is doing just fine. Wimpfheimer claims he defaulted on his payments because his partners stole from him. Before you give Wimpfheimer the benefit of the doubt, read the facts below.
[This is an image of Wimpfheimer coming out of a Jerusalem courthouse from one of the many lawsuits against him.
EMBEZZELMENT?
1. Did Jan Wimpfheimer embezzle money?
Wimpfheimer had investors wire their investment money to an account called Madison Gold LLC. He was then supposed to forward that money to be invested in GFE.
But he admitted to at least one investor - who was his long-time friend of 40 years - that he did not invest all of the funds given to him and he took some of it for himself. This is the definition of embezzlement.
Later on, Wimpfheimer tried to backtrack saying all he meant is that he took a 3% management fee for himself and not that he had embezzled any money.
First, there was no such agreement that Wimpfheimer (Madison Gold LLC) would take any fee for management. He had told investors that GFE was taking a 3% management. Not he.
But let's give Wimpfheimer the benefit of the doubt. Let's say there was a misunderstanding and investors were supposed to be paying a 6% fee for their money to be managed (an unheard of amount).
When investors asked Wimpfheimer the bank records of Madison Gold LLC to make sure Wimpfheimer had not taken more than 3%, he refused to show it to them.
There are multiple federal laws and SEC regulations together require transparency, truthful reporting, and access to financial records.
[The image shows correspondence where Wimpfheimer is refusing to show the bank outflows to an investor.]
WIMPFHEIMER REFUSES TO BE TRANSPARENT
2. People who manage your money have a legal responsibility to present to you regular reports showing you exactly where your money went. You can see here a document that Bernie Madoff manufactured out of whole cloth to present to his investors. He did it because he knew he was obligated to report to his investors where their money went.
Wimpfheimer did not give his investors any financial reports other than to say - once in a while - in an email:
Baruch Hashem everything is going fine.
There are multiple federal laws and SEC regulations together require transparency, truthful reporting, and access to financial records.
WIMPFHEIMER SENDS INCORRECT FINANCIAL INFORMATION
3. Wimpfheimer tried to convince an investor to invest money with him by telling him the net worth of the company was $40,000,000. But when the investor challenged that number, Wimpfheimer responded that the actual number was really $20,000,000. Wimpfheimer blames the CFO for the mistake because "he was working with a moving target."
First, what does that even mean?
Second, are we to believe Wimpfheimer that a Chief Financial Officer, the person responsible for the finance of the company, made a reporting mistake that was off by 100%? Instead of $20m it was $40m?
Lastly, Wimpfheimer (Madison Gold LLC) didn't have a CFO.
If Wimpfheimer knowingly sent false financial information - such as a false valuation of the company - via email in order to solicit an investment - even if the investment was not made - it is:
- a federal felony
- punishable by up to 25 years in prison
JAN WIMPFHEIMER COMMINGLED FUNDS
4. Jan Wimpfheimer commingled funds. Wimpfheimer is a lawyer and as such he knows it is unethical and illegal for a lawyer or a money manager to commingle funds.
Why? Because it destroys the clear separation that must exist between a client’s money and the manager’s own assets. Clients must be able to trust that their funds are used solely for their benefit, not mixed into operational accounts, personal expenses, or other clients’ money.
Commingled funds makes it impossible to track transactions accurately. It creates opportunities for misuse or concealment of losses, and undermines transparency, accountability, and auditability. For these reasons, regulators such as the SEC, FINRA, and state investment-advisor laws strictly prohibit commingling, viewing it as a serious breach of trust that can lead to penalties, loss of law license, civil liability, and even criminal charges.
In this one exhibit, we see Wimpfheimer had an investor wire funds directly to his private account owned jointly with his wife Dr. Orit Wimpfheimer, Chief Medical Officer, for a public company called Nanox Vision. Even though his wife is now implicated in her husband's financial activities, she has yet to issue a statement distancing herself from it or declaring if she knew what he was doing with their bank account.
JAN WIMPFHEIMER DID NOT HAVE A LICENSE
5. It seems Jan was offering securities. Jan is not licensed in Israel or America to offer securities.
In both the United States and Israel, offering securities without a license is illegal. Anyone who solicits investors, gives individualized investment advice, structures deals, or handles investor funds must hold the appropriate license (such as a registered broker or investment adviser registration), and acting without one is itself a federal offense.
Israeli securities law is similar: offering securities to the public without an approved prospectus is a criminal violation and can expose the promoter to enforcement action, fines, and in severe cases imprisonment.
[The picture is AI generated.]
FALSE PROMISES OF PERSONAL GUARANTEES
6. In order to convince investors to invest huge amounts of money with him, Jan Wimpfheimer promised them personal guarantees. A personal guarantee means that even if his business fails or any reason at all, Wimpfheimer is promising to sell his house and empty his bank accounts in order to return investor money.
Wimpfheimer lied: he has not honored his personal guarantees tricking many people out of their life's savings. All the while he walks around wearing his $10,000 Rolex watch.
[Visual is just one of the many Personal Guarantees that Wimpfheimer gave investors.]
WIMPFHEIMER'S PARTNER DECLARED BANKRUPTCY
7. Jan Wimpfheimer's friend and business partner Simche Fulda has a less than impressive resume. Wimpfheimer vouched for Fulda as being an ethical and professional person.
Yet it was recently discovered that about 15 years ago Simche Fulda took people's money for investments in Manchester and then declared bankruptcy not having to pay them back. He then fled to Israel.
Now that Fulda (and his partner Wimpfheimer) has defaulted on millions of dollars to investors, Fulda has once again taken flight and now lives in Dubai. Yes, an Orthodox Jewish man living in an Arab country. Draw your own conclusions.
JUDGE CATCHES WIMPFHEIMER LYING
8. The Israeli courts granted one of Wimfpheimer's investors a lien on Wimpfheimer's house in Israel to make sure he gets his money back. In October 2025, Wimpfheimer went to court claiming that there is no need for the lien on his house because has the financial capacity to pay back the money. He claimed he has no financial difficulties… “just the opposite.”
First, if this is true, it of course begs the question why is Wimpfheimer not keeping his word and paying people that he personally guarenteed he would pay them.
Second, just two months earlier, in August 2025, in an effort to persuade the NY Grievance Committee not to disbar him, Wimfpheimer claimed to them he needs his law license because his financial situation is dire.
He wrote to them that he has “suffered devastating personal and financial losses” and he has “lost over 10 million dollars.” He also wrote he did not anticipate that his…." net worth…would be wiped out."
The Israeli judge read his testimony to the NY Grievance Committee and accused Wimpfheimer of "contradicting himself" which is the nice way of a judge calling someone a liar.
The only thing Wimpfheimer could say in his defense is that his testimony to the ethics committee in the United States "is a confidential proceeding and was not supposed to be submitted” to the Israeli court.
The judge laughed at this ridiculous argument and denied Wimpfheimer's request to remove the lien.
WIMPFHEIMER OBFUSCATES HIS BUSINESS
9. Jan Wimpfheimer has many inter-related corporate entities leaving most investors clueless as to where their money went. The adjacent diagram was made by one frustrated investor who was trying to figure out where Wimpfheimer moved his money to.
Complicated interrelated corporate structures are widely frowned upon because they create the perfect cover for misconduct: the more layers and entities a manager builds, the easier it becomes to obscure where investors’ money is flowing and to hide improper transfers.
When funds move through a maze of LLCs, partnerships, and affiliated companies, even diligent investors and regulators struggle to trace transactions, allowing unscrupulous actors to disguise self-dealing as “fees,” shuttle money between entities, and ultimately steal or misuse invested capital. This intentional complexity isn’t a sign of sophistication—it’s a red flag that enables commingling, concealment, and fraud.
WIMPFHEIMER DELAY TACTICS
10. If IRA money is touched before retirement age, the person has to pay a 10% penalty to the IRS plus pay income tax on the money. To avoid 'touching' the money, the investors opens an account in a third party custodial entity and moves his IRA money there. From there he can direct the the money to be invested without 'touching' and triggering penalties and taxes.
Many investors moved their money to a custodial entity and then invested with Wimpfheimer. In Israeli court, Wimpfheimer argued that an investor can't sue him for the money because it came from the third party entity and only it can sue him.
Yet custodial agreements clearly state, such as the one in the picture of Madison Trust, (Page 4, Article VIII, paragraph 7), :...the accountholder is responsible for ensuring receipt of amounts to which the custodial account is entitled and for taking action including the filing and prosecuting of legal action as may be in the interest of the custodial account."
The financial entity is simply a passive custodian and does not initiate legal proceedings. But Wimpfheimer keeps on pushing motion after motion to delay all proceedings.
MORE LAWSUITS AGAINST WIMPFHEIMER
11. More and more people are suing Jan Wimpfheimer for different investments. The one presented here shows that the court ruled that Wimpfheimer has to pay this person $600,000 and he has yet to do it.
Google Jan Wimpfheimer and see what is going on.