David Schottenstein, sporting the MAGA cape while he prays to the Almighty at the infamous Shul of Bal Harbour, is one of many members of the large Schottenstein fashion retail dynasty. Billionaire Jay Schottenstein, today’s patriarch, controls most of the money, leaving some family members in the lurch, which resulted in numerous lawsuits between family members over the last twenty years.
David Schottenstein obtained inside information on mergers and acquisitions from his second cousin Joseph Schottenstein, who is the son of billionaire Jay Schottenstein. In 2019 Joseph was accused of rampant gambling, doing drugs with prostitutes, harassing his therapist and suffering from a narcissistic personality disorder, borderline personality disorder and antisocial traits.
David shared the insider information he obtained from his cousin Joseph with his good friend Ryan Shapiro. He employed hedge fund macher Kris Bortnovsky to process the insider trades. On February 20, 2018, after the Wall Street Journal reported that the Albertsons planned to acquired Rite Aid, which Schottenstein already knew, Shapiro messaged Schottenstein: “Did you see the beautiful headline in the Wall Street Journal.” On that same day Schottenstein and Shapiro sold tens of thousands of Rite Aid shares, earning millions overnight.
Billionaire Jay Schottenstein, pictured above, invited LA Lakers basketball star LeBron James to the recent wedding of Jay’s son Jeffrey. Schottenstein also invited the disreputable Rabbi Pinto, who did a year in prison in Israel for bribery, to the wedding. LeBron, Schottenstein and Rabbi Pinto are besties. It’s not clear whether David Schottenstein was invited to the wedding, as David had already been indicted and was an embarrassment to the Schottenstein family.
Schottenstein and Bortnovsky both live in Bal Harbour, Florida, a very expensive enclave north of Miami Beach. Shapiro lives in a ten-million-dollar home in Bay Harbor Islands, an exclusive island a short walk over a bridge from Bal Harbour. Next to Bay Harbor Islands is Indian Creek Island, an even more exclusive private island where Jared Kushner and Ivanka Trump just purchased a twenty-four-million-dollar home. Schottenstein, Bortnovsky and Shapiro all pray together at the Shul, of Bal Harbour. Schottenstein and Shapiro are on the Board of Trustees. The Shul was started by Rabbi Lipskar, who also started the Aleph Institute, a prisoner’s advocacy organization for Jewish inmates. Another prominent member of the Shul is Murray Huberfeld, who got six months of jail time after pleading guilty to bribing former NYC Corrections Officer President Norman Seabrook sixty thousand dollars.
Shortly after the Feds indicted Schottenstein, Shapiro and Bortnovsky, Mr. Schottenstein pleaded guilty and agreed to testify against his friend Shapiro and testify against Bortnovsky in exchange for a get out of jail free card. Shapiro and Bortnovsky both pleaded not guilty and waited for their trial date. Schottenstein’s sentencing kept getting pushed off. The Feds would not allow Schottenstein to get sentenced until after Shapiro and Bortnovsky are either convicted by a jury or plead guilty.
Schottenstein just filed a motion to expedite his sentencing for March of 2023 on the following grounds: “Defendant has recently withdrawn from his cooperation agreement due to advice from Defendant’s psychologists who have told Defendant that cooperation against Mr. Shapiro, a friend and community member, would significantly exacerbate Defendant’s existing mental health issues. This is not a decision Defendant undertook lightly, specifically, as described in previous motions to this Court as well as at Defendant’s February 1st plea hearing, Defendant has had serious life-long mental health issues, including acute anxiety stemming from childhood trauma. These serious mental health issues have been present since the start of cooperation and have prevented Defendant from cooperating against Mr. Shapiro. Accordingly, Defendant has informed the government that he can no longer be a cooperating witness.” Schottenstein’s motion was granted by Federal Judge Douglas Woodlock, and his new sentencing date is March 20, 2023.
Its not clear what type of serious mental health issues Schottenstein is suffering. I think most people on this planet suffer from some type of anxiety stemming from childhood trauma. If Schottenstein doesn’t cooperate he will end up doing a couple of years in the Federal clink. Shapiro will also end up doing a couple of years, regardless of whether Schottenstein cooperates or not. The Feds have plenty of incriminating text messages to convict these guys. Its not clear whether Schottenstein is going to cooperate against Bortnovsky. Time will tell. The wheels of justice turn very slowly.
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If you are contemplating committing a Federal crime, STOP, take a time out, think about what you are about to do, it’s not worth it! I should know, I spent 18 long months in Otisville prison, after pleading guilty to conspiracy to commit mortgage fraud as a closing attorney. The time spent in prison is only half the punishment, waiting for years to be sentenced and incarcerated takes a huge toll on your mental health, not to mention the repercussions after you get out of prison, the problems you will face finding employment and complying with the conditions of Probation. You will never appreciate your freedom until it is taken away from you. God Bless America!