Steven Byers, Joseph Shereshevsky (aka Joseph Heller, "Josie")
This entry summarizes public reporting and government filings. Charges and civil complaints are allegations unless a court has entered a conviction or judgment — check the source for the current status.
- Company / entity
- Wextrust Capital LLC, Wextrust Equity Partners LLC, Wextrust Development Group LLC, Wextrust Securities LLC, Axela Hospitality LLC
- Industry
- Commercial real estate securities offerings (about 60 offerings through roughly 150 LLCs)
- How investors were recruited
- Targeted primarily members of the Orthodox Jewish community (about 1,200 investors).
- Pitch & red flags
- Offerings said proceeds would fund "the acquisition of specified assets", e.g. seven identified properties leased by federal government agencies; funds allegedly diverted to pay returns to investors in prior offerings