NEW YORK—Two men have been charged in an alleged $200 million real-estate fraud that targeted Orthodox Jews in four states and overseas, according to court documents.

Eliyahu Weinstein, who represented himself as a real-estate investor based in New Jersey, allegedly exploited the social and business customs of the Orthodox Jewish community to carry out the scheme, according to a criminal complaint made public Thursday. The scam allegedly began in September 2005.

Mr....