Allied Health Founder Gets 16 Years For $87M Fraud

Law360, New York (November 22, 2011, 1:35 PM EST) -- Bankrupt medical equipment manufacturer Allied Health Care Services Inc.'s founder was sentenced Tuesday in New Jersey to more than 16 years in prison for orchestrating a fictitious lease scheme that defrauded more than 50 financial institutions out of $87 million.

Charles K. Schwartz received 195 months in prison followed by three years of supervised release. He also must pay $80 million in restitution and $75 million in forfeitures, according to a spokeswoman for the U.S. Attorney's Office for the District of New Jersey.

Schwartz pled guilty...
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