Lawyers and Settlements
Home Page >> Settlements >> Bond Scheme

Bond Scheme

Beverly Hills, CA: (Nov-24-07) The federal Securities and Exchange Commission brought charges against Robert Kasirer, a Beverly Hills attorney, accusing him of hatching a scheme to defraud investors of tens of millions of dollars. The suit charged Kasirer of operating a Ponzi-type scheme to enrich himself and his associates. A suit was also filed against another defendant, Jerold Goldstein, who was described along with Kasirer as a primary architect of the scheme. Federal officials stated that $144 million in tax-exempt bonds were sold for two facilities in Florida, one in Chicago, one in Rancho Cucamonga, CA, and six in Fort Worth, Austin, Brownsville, Houston, east Houston and Texas City. The facilities were to be developed by Heritage Housing Development, a Los Angeles nonprofit created in 1993 that was controlled by Kasirer. Further, bond buyers were led to believe that proceeds from each bond offering would be used to finance one specific healthcare facility.

SEC officials stated that from the onset, the costs of developing the healthcare facilities, including payments to defendant Kasirer and some of his family members, outstripped the proceeds from the facilities' respective bond offerings. The defendants covered the resulting cash shortfalls by operating a type of Ponzi scheme, commingling bond proceeds and diverting bond proceeds from more recent offerings to pay the expenses of earlier projects. As part of a settlement reached, a US district court in California issued a final judgment, ordering Kasirer to pay $5 million, resolving the fraud suit. [STAR TELEGRAM: INVESTMENT FRAUD]

Legal Help

If you have a similar problem and would like to be contacted by a lawyer at no cost or obligation, please click the link below.
Published on Nov-26-07


Fields marked * are mandatory. Please read our comment guidelines before posting.


Note: Your name will be published with your comment.

*Email Address:

Your email will only be used if a response is needed.

*Your Comment:

Are you the defendant or a subject matter expert on this topic with an opposing viewpoint? We'd love to hear your comments here as well, or if you'd like to contact us for an interview please submit your details here.

Request Legal Help

First name:

Last name:

Email address:

Phone number(s):

Zip/Postal Code:

Describe your complaint:

By submitting this form I agree to the Terms of Service.
There is no cost to submit this form.
I would like to be interviewed by a journalist.
Receive our weekly newsletter with the latest lawsuit news and legal information.

Check Claim Status Advertise with us Legal Funding

Related Lawsuits

Legal Services:

FAQ | TOS | Privacy | Disclaimer | About Us | Contact Us | Press | Advertise | Member Login | Site Map | View Mobile Website

American Bar Association - Proud Member   Better Business Bureau   CAALA   Best of the Web Approved   Public Justice

This work is licensed under a Creative Commons Attribution-NoDerivs 3.0 Unported License © 2001-2017 Online Legal Media. All rights reserved.

Visit other Online Legal Media Websites: