NJ Businessman Sentenced in Investment Scheme

Saturday, Jan 29, 2011  |  Updated 11:30 AM EDT
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NJ Businessman Sentenced in Investment Scheme

Kiselev Andrey Valerevich

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A central New Jersey businessman who bilked investors out of more than $1 million in a real estate
scheme is headed to state prison. 

Monmouth County prosecutors say Larry Kushner told investors their money would be used to buy foreclosed properties in New Jersey, Pennsylvania and Delaware.
       
But the 59-year-old Long Branch man instead used the funds fo personal expenses, including family trips to Israel and Florida.
       
Kushner received a seven-year prison term Friday and was ordered to pay more than $1.1 million in restitution. He had pleaded guilty last September to theft by failure to make required disposition of property received and failure to file a 2005 tax return.

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