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Nursing Home Management Receives $8 Million in Fines

A state slammed Sunwest Management, several of their affiliates and former CEO with $8 million in fines, claiming that the ailing chain of assisted living centers misled investors, lied about the true condition of the company and used unlicensed salespeople to sell unregistered securities. The division of finance and corporate securities issued civil penalties of $4.2 million against the co-founder and former CEO of the company. The investors could lose more than $400 million. Investors are projected to lose more than $400 million from the nursing home negligence. To read more about the nursing home fraud, please click the link.