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Two Indicted-Two Plead Guilty In $275 Million Medical Receivables Fraud

by Robert H. Rex, Esq.

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. Call to speak with an experienced securities attorney to discuss your legal rights.

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Rex Securities Law

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Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.