Health-Care Cheater Must Cough Up $5 Million

LOS ANGELES (CN) - The SEC has ordered "health care entrepreneur" Robert Kasirer and his wife, Debra, to disgorge $5 million and refrain from violating securities laws. Kasirer, head of Heritage Healthcare of America, which supposedly cared for Alzheimer's patients, was accused of defrauding nearly 2,000 investors in the sale of $131 million in bonds. The bonds were to be used to open 11 nursing homes; only five opened; all collapsed while the Kasirers lived high on the hog. See order.

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