Name Dina Reis Role Businesswoman | Education Empire State College | |
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How Dina Wein Reis Purchased Goods (Exclusive Clip) | American Greed | CNBC Prime
Dina Wein Reis (born 1964) is an American businesswoman and admitted con artist.
Contents
- How Dina Wein Reis Purchased Goods Exclusive Clip American Greed CNBC Prime
- A Socialite Dethroned Highlight Clip American Greed CNBC Prime
- Personal life
- Fraud conviction
- References
A Socialite Dethroned (Highlight Clip) | American Greed | CNBC Prime
Personal life
Wein Reis was born in Midwood, Brooklyn in 1964 to Vivian, a public high-school teacher, and Shlomo "Solomon" Wein, who owned an apparel business. After graduating from Bnos Leah Prospect Park Yeshiva in 1981, she attended Brooklyn College, but did not graduate. There, she met her husband, David Ruiz, who later converted to Judaism and changed his name to Reis. She graduated from Empire State College in 1987. The Reises have three sons.
Fraud conviction
In October 2008, prosecutors claimed that for over a decade, Wein Reis's company had tricked manufacturers into selling her merchandise at a low price. She and her associates would call company executives with an offer of a high-paying job. Then, she would ask an executive to send her a shipment of merchandise, and she promised access to lucrative markets through her "National Distribution Program," which did not actually exist. Instead of handing out samples for free as stated, she would sell the products to middlemen who then sold them to retailers, in a practice known as product diversion. Diversion is not necessarily illegal (see Quality King v. L'anza), but in Wein Reis's case, the diversion allegedly involved fraud.
In October 2008, she was arrested for conspiracy and wire fraud. The police took much of her personal property, as the search warrant authorized them to seize the "fruits of the crime." However, a judge later ordered some of the seized property to be returned.
On May 19, 2011, Wein Reis pleaded guilty to conspiracy to commit wire fraud. In a reported plea deal with federal prosecutors, Wein Reis agreed to pay $7 million in restitution to her victims and would serve approximately 31 months out of possible 5-year sentence in federal prison.
Dina Wein Reis was sentenced to 19 months in prison for corporate fraud on April 30, 2013. Reis swindled companies in Connecticut, Indiana, Missouri, New Jersey and Kentucky out of at least $20 million.