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Two Indicted on $275 Million Fraud-Sale of Medical Receivables to Hedge Funds & Investors

Two Indicted on $275 Million Fraud-Sale of Medical Receivables to Hedge Funds & Investors

Two Indicted on $275 Million Fraud-Sale of Medical Receivables to Hedge Funds & Investors 150 150 Rex Securities Law

On September 5th, 2013, the FBI Baltimore Division issued a press release announcing the arrest of Richard Shusterman, age 50, of Highland Beach, FL, and Jonathan Rosenberg, age 44, West Orange, NJ, in connection with a scheme to defraud investors in medical accounts receivable.

The announcement, which can be accessed here,  discloses the guilty pleas of two participants in the fraud, Robert Feldman, age 65, of Beach Haven, NJ, and Douglas Kuber, age 53, of Livingston, New Jersey. Feldman and Kuber each face a maximum sentence of 20 years in prison. Sentencing for the two will occur in the coming months.

The participants in the fraud utilized a number of companies to perpetrate a complex Ponzi scheme that defrauded investors, including Platinum Partners hedge fund,  of more than $275 million.

The companies used to perpetuate the fraud are:

  • International Portfolio, Inc.
  • United Consulting, Inc.
  • Accounts Receivable Services, LLC

If you invested in this scheme based upon the advice or recommendation of your stock broker or investment adviser, you may be able to recover damages through FINRA arbitration.

Rex Securities Law , located in Boca Raton, FL, provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Rex Securities Law

561 391 1900

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