{"id":53040,"date":"2014-03-17T09:10:45","date_gmt":"2014-03-17T17:10:45","guid":{"rendered":"http:\/\/www.lukeford.net\/blog\/?p=53040"},"modified":"2014-03-17T09:11:28","modified_gmt":"2014-03-17T17:11:28","slug":"jewish-journal-reports-on-sec-investigations-of-richard-michael-horowitz-marc-firestone-hershy-ten","status":"publish","type":"post","link":"https:\/\/lukeford.net\/blog\/?p=53040","title":{"rendered":"Jewish Journal Reports On SEC Investigations Of Richard & Michael Horowitz, Marc Firestone, Hershy Ten"},"content":{"rendered":"

Michael Horowitz responds.<\/a> Jonah Lowenfeld writes this morning<\/a>:<\/p>\n

Richard Horowitz settled with the SEC for more than $365,000; Firestone settled for more than $180,000. Neither Richard Horowitz nor Firestone responded to emails or to a message left at their firm\u2019s office.
\nThe SEC also settled with Harold Ten, who is the president of Bikur Cholim, a Los Angeles-based nonprofit that, according to its Web site, provides services to seriously ill Jews and their families. According to the SEC, Ten, an Orthodox rabbi who also goes by the name Hershy or Heshy, established a new charity, Raphael Health, which he presented as providing services to terminally ill patients.
\nIn fact, the charity, according the SEC, merely served to identify terminally ill patients to be named as the annuitants on the fraudulent policies, and received compensation from Horowitz for doing so. Ten deceived both hospice care providers and a number of patients in their care in order to obtain private medical information that allowed him to ascertain that the patients were, in fact, dying. In November 2007, Ten himself purchased an annuity on the life of one unnamed woman, who was dying of stomach cancer. Ten invested $1 million, and when she died, less than one month later, Ten realized a profit of $50,000.
\nTen agreed to pay the SEC more than $290,000. He did not respond to an email or to a phone message left at the office of Bikur Cholim.
\nWhile the scheme, which according to the SEC lasted for at least two years during 2007 and 2008, generated hundreds of thousands of dollars in commissions and profits for investors and the brokers involved, the terminally ill individuals who were named as the annuitants on the policies received next to no compensation at all \u2013 between $250 and $500 apiece, according to the SEC\u2019s order against Ten.
\n\u201cThis was a calculated fraud exploiting terminally ill patients,\u201d said Julie M. Riewe, co-chief of the SEC Enforcement Division\u2019s Asset Management Unit in a statement. \u201cMichael Horowitz and others stole their most private information for personal monetary gain.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Michael Horowitz responds. Jonah Lowenfeld writes this morning: Richard Horowitz settled with the SEC for more than $365,000; Firestone settled for more than $180,000. Neither Richard Horowitz nor Firestone responded to emails or to a message left at their firm\u2019s … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[33,168],"tags":[],"class_list":["post-53040","post","type-post","status-publish","format-standard","hentry","category-abuse","category-aish-hatorah"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t