Brazilian Jewish businessman accused of Madoff-like scheme arrested after year in hiding

By Marcus M. Gilban

RIO DE JANEIRO (JTA) — A Brazilian Jewish businessman accused of bilking investors out of tens of millions of dollars, earning comparisons to Bernie Madoff, was arrested in Rio de Janeiro after more than a year in hiding.

Jonas Jaimovick, who turned himself in to Rio Police on Monday, had made headlines for disappearing with an estimated $32 million in what is being called the South American country’s largest-ever pyramid scheme.

Jaimovick, 39, who owns the investment firm JJ Invest, had launched the alleged illegal enterprise in the Jewish community after ingratiating hims...