SEC Says Ill. Rabbi Conned Jewish Community Out Of Millions
Law360 (September 20, 2019, 5:59 PM EDT) -- A rabbi who ran a nursing home investment scheme defrauded members of the Chicago Orthodox Jewish community — including a Holocaust survivor — of more than $10 million, the U.S. Securities and Exchange Commission said.
Through his company FNR Healthcare, Zvi Feiner and an associate, Erez Baver, convinced people to purchase membership interests in companies that would buy, operate and sell purportedly high-performing nursing home facilities. But the millions of dollars they raised were used to prop up struggling sites, to pay promised returns to investors and to line Feiner and Baver's pockets, according to the SEC's suit, filed Thursday.
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