Ex-Owner in $146 Million Elder Care Default is Charged in Ponzi Case

A Chicago-area rabbi, who formerly owned a nursing home chain at the heart of the biggest default in the history of a federal mortgage-guarantee program, has been indicted on federal charges of stealing millions of dollars from investors. The $146 million default in 2018 was the worst ever for the program that insures mortgages on nearly 15 percent of the nations nursing homes. The default caused the Department of Housing and Urban Development to tighten some of its underwriting and review processes.

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