FNR Healthcare Owner Zvi Feiner Pleads Guilty in Nursing-Home Investment Ponzi Case; Sentencing Set for Nov. 19, 2026

Case from 2020–2026 (U.S. Attorney's Office release: Sept. 14, 2020; later developments are from court records and other sources cited below). Published on Scammers.com Oct. 16, 2026; case status is current as of that date.

Zvi Feiner, owner and CEO of Skokie-based FNR Healthcare LLC, pleaded guilty on Aug. 27, 2026, to a one-count superseding information in a federal case that began with 2020 charges accusing him of running a Ponzi scheme through nursing-home investments, court records show [2]. Sentencing is set for Nov. 19, 2026. His former executive vice president, Erez Baver, pleaded guilty in 2021.

What prosecutors and regulators alleged

According to the 2020 indictment, as described by prosecutors [1]:

1. The pitch: From 2012 to 2017, Feiner and Baver sold membership interests in companies Feiner created under the FNR umbrella to buy and sell nursing homes and assisted living facilities.
2. Misleading investors: The indictment accused them of intentionally misleading investors about the companies' financial condition to raise money.
3. Ponzi payments: It alleged that returns paid to early investors came from later investors' money.
4. Personal use: It alleged investor funds were used for purposes unrelated to the facilities, including the defendants' personal benefit.

In a 2019 civil complaint, the SEC alleged that Feiner, FNR and Baver raised more than $10 million from at least 62 investors, targeting the Orthodox Jewish community in the Chicago area, and falsely described the investments as low-risk with high returns [4].

The people charged

Zvi Feiner, of Chicago (50 when indicted)

• Indictment (September 2020): 10 counts of wire fraud; the indictment sought forfeiture of $13.56 million. He pleaded not guilty [1].
• Plea (Aug. 27, 2026): After a trial had been scheduled for Aug. 17, 2026, a one-count superseding information was filed Aug. 25, and Feiner waived indictment and pleaded guilty to it under a plea agreement before U.S. District Judge Martha M. Pacold [2] [3]. The records we reviewed do not state the statute charged in the information.
• Sentencing (set for Nov. 19, 2026): In an Oct. 1, 2026, motion to waive a presentence report, Feiner's lawyers wrote that the parties have agreed to jointly recommend no prison term and no fine, and that no restitution order is needed because Feiner "has made full restitution." The government and probation did not object to the motion, according to the filing [3]. The judge is not bound by the parties' recommendation.
• Civil case: On June 24, 2020, Feiner and FNR consented, without admitting or denying the allegations, to a judgment permanently barring them from violating antifraud laws and ordering disgorgement [4].

Erez Baver, of Chicago (40 when indicted), former FNR executive vice president and bookkeeper

• Indictment (September 2020): one count of wire fraud; forfeiture of $3.76 million sought [1].
• Plea (Nov. 16, 2021): pleaded guilty to Count One under a cooperation plea agreement, according to the court docket. We found no sentencing date or sentence as of Oct. 16, 2026 [5].
• Civil case: Baver and his company Cedarbrook Management settled the SEC's charges, agreeing to injunctions and to pay $2,253,734 in disgorgement and prejudgment interest [4].

The investigation was conducted by FBI Chicago, with help from the SEC.

Red flags

• "Low-risk" investments promising high returns, especially in operating businesses like nursing homes.
• Deals marketed mainly through a tight-knit religious or ethnic community, where trust replaces due diligence.
• Steady distributions that continue even when the underlying business is struggling.

What to do if you're targeted

1. Ask for audited financial statements for each facility you invest in.
2. Check whether the offering is registered or exempt, and verify the promoters with your state securities regulator.
3. Report suspected investment fraud to the SEC at sec.gov/tcr.

Case status (as of Oct. 16, 2026)

Defendant	Court	Status as of Oct. 16, 2026	Source
Zvi Feiner, Chicago	N.D. Ill. (Judge Pacold), No. 1:20-cr-00588	Pleaded guilty Aug. 27, 2026, to one-count superseding information; sentencing set for Nov. 19, 2026	[1]-[3]
Erez Baver, Chicago	N.D. Ill. (Judge Pacold), No. 1:20-cr-00588	Pleaded guilty Nov. 16, 2021 (cooperation agreement); sentence not found in public sources as of Oct. 16, 2026	[1], [5]

We will update this story after Feiner's sentencing.

Sources

1. U.S. Attorney's Office, Northern District of Illinois, "Chicago Nursing Home Executives Charged With Operating Ponzi Scheme," Sept. 14, 2020. https://www.justice.gov/usao-ndil/pr/chicago-nursing-home-executives-charged-operating-ponzi-scheme
2. U.S. District Court, N.D. Ill., United States v. Feiner, No. 1:20-cr-00588, Doc. 157 (order on change of plea), filed Aug. 27, 2026 (via CourtListener RECAP). https://storage.courtlistener.com/recap/gov.uscourts.ilnd.385799/gov.uscourts.ilnd.385799.157.0.pdf
3. U.S. District Court, N.D. Ill., United States v. Feiner, No. 1:20-cr-00588, Doc. 162 (defendant's unopposed motion to waive presentence report), Oct. 1, 2026 (via CourtListener RECAP). https://storage.courtlistener.com/recap/gov.uscourts.ilnd.385799/gov.uscourts.ilnd.385799.162.0.pdf
4. U.S. Securities and Exchange Commission, Litigation Release No. 24848, "SEC v. Zvi Feiner, et al.," July 6, 2020. https://www.sec.gov/enforcement-litigation/litigation-releases/lr-24848
5. CourtListener, docket for United States v. Feiner, No. 1:20-cr-00588 (N.D. Ill.). https://www.courtlistener.com/docket/18436846/united-states-v-feiner/

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