Warrant issued for alleged Ponzi schemer

An arrest warrant was issued for a Jewish South African businessman who is alleged to have duped investors in a Ponzi scheme.

Barry Tannenbaum is alleged to have defrauded investors out of $1.61 billion.

Tannenbaum, 43, who may be living in Australia, is believed to have enticed nearly 800 investors — many of them Jews from South Africa, Britain, Israel and Australia — with promises of returns of up to 200 percent.

His assets in South Africa have been frozen by a local court and the National Prosecuting Authority has started proceedings to extradite him.

In June, when the scandal was revealed, Tannenbaum categorically denied it as “wild allegations, conjecture and speculation.” — jta