Articles Tagged with financial exploitation

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elderly financial exploitation

3 Times Nursing Home Staff Stole and Were Caught

It feels as though nursing home staff seem to be caught stealing from vulnerable and sick residents and their facilities more often. Brought on by the nation’s opioid epidemic, staff steal medication and patient drugs most often, but theft can also be in the form of residents’ possessions or finances, and when executives swindle millions from the company and spend it on personal items or other investments. Here is a special review of three times Illinois nursing home staff stole, they were caught, and justice was served.

  1. Drug Theft
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financial exploitation

Investors Claim Rabbi Stole Millions Out of Chicago Nursing Home Deals

Several investors have come forward alleging a Skokie-based investment firm run by a rabbi, stole more than $20 million in a series of nursing home and retirement home funds around the Chicago suburbs in Norridge, South Holland and Morris, along with one Downstate, one in Indiana and the New Jersey facility. The suit alleges the investors are owed a total of more than $24 million counting interest due on their initial contributions.

According to a May 2018 report by The Real Deal, a publication catering towards Chicago real estate professionals, “a similar lawsuit filed in September in federal court in Chicago that alleges violations of the RICO act … In that suit, the investment firm created a series of LLCs to buy and sell nursing homes and retirement homes across the country, including several in the Chicago area and one in Wayne, New Jersey, according to the plaintiffs’ attorney, Craig Tobin.” Soon after, the firm was found to be keeping profits for themselves and not giving any to the investors and filling their pockets by taking from others who rely on nursing homes to survive. The scheme victimized “a 90-year-old Holocaust survivor, school teachers and sophisticated banking institutions,” the suit says. The federal lawsuit seeks more than $20 million in damages.