Allied Health Founder Cops To $87M Lease Fraud

Law360, New York (April 13, 2011, 2:48 PM EDT) -- The founder and president of bankrupt medical equipment manufacturer Allied Health Care Services Inc. pled guilty in New Jersey on Wednesday to orchestrating a fictitious lease agreement scheme that defrauded more than 50 financial institutions out of at least $87 million.

Charles K. Schwartz, 57, admitted to one count of mail fraud in the U.S. District Court for the District of New Jersey, and faces up to 20 years in prison and a maximum fine of $250,000 or twice the amount he gained or victims lost...
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