According to the US Attorney’s Office and FBI, from at least 2005 on, the men would raise money from investors for private placement offerings, then use all or part of the money for other purposes, including to pay off previous investments, without telling investors.
According to federal documents obtained by WAVY.com, the men agreed to fabricate a story when the offerings fell through.
In one instance, Shereshevsky allegedly said, "In the next month and a half he’d be able to come up with two million bucks and that this was better than somebody going to jail."
WAVY.com spoke with one of Shereshevsky’s in-laws at his home Monday night.
She said, "That’s not the person I know. So unless…I don’t know what to say, I really don’t."
Shereshevsky is a member of B’Nai Israel in Norfolk. Monday night, Rabbi Chaim Silver met with his family.
"They’re very strong, they’re very confident in their father and husband’s innocence," said Rabbi Silver.
Rabbi Silver says he’s known Shereshevsky for three years.
"Shereshevsky is a very generous and caring human being. He has given of himself his resources to this community," said Rabbi Silver.
According to federal documents, Shereshevsky pleaded guilty to one count of Conspiracy to Commit Bank Fraud in 1994.
As for the charges Shereshevsky faces now, "They are very big figures. Things that I simply can not relate to and they are things that have not been proven," said Rabbi Silver.