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OMFG! N.Y. rabbi arrested in extortion case /

Posted in Jewish by just Me on February 20, 2010

N.Y. rabbi arrested in extortion case

Milton Balkany tried to extort $4 million from a Connecticut hedge fund by threatening to expose purported insider trading by the fund, federal authorities say.

Reporting from New York – New York’s insular ultra-Orthodox Jewish community collided with the area’s secretive and ultra-wealthy hedge fund industry, leading to the arrest of a politically well-connected rabbi on blackmail and fraud charges.

The rabbi, Milton Balkany, was arrested Thursday, accused of trying to extort $4 million from a Connecticut hedge fund by threatening to expose purported illegal insider trading by the fund.

this is the last thing the jewish community needs especially after madoff.