Wealthy Real Estate Investor Goes on Medicaid to Save Money

This post was written by jd on April 30, 2010
Posted Under: Real Estate

Photo by Ward for News

Talk about trying to save money! A Brooklyn couple who are wealthy real estate investors, with seven bank accounts, including one which may have $2 million in it, canceled their health insurance.  They pretended they were poor so they could qualify for Medicaid. They managed to rack up $59,000 in Medicaid benefits over a four year period.

According to the NYDaily.com

“Ariel Soudry, 31, and his wife, Joyce, 28, live in a million-dollar home and send their children to private school.

They have rental and condominium developments in Brooklyn and New Jersey, an Audi and a Mercedes – and a real bad attitude.

“Lowlifes – get a real job,” Ariel sniped at photographers as he was taken into court to be arraigned on charges that include grand larceny and welfare fraud.

Prosecutors say that while the Soudrys were living royally, they canceled their own health insurance and pretended they were poor so they could qualify for Medicaid.

While the duo was taking taxpayer money, they were buying and selling real estate firms and converting a Brighton Beach condo complex, authorities said.

“Their seven bank accounts swelled to six digits each,” Hynes said. “One even reached $2 million.”

Joyce Soudry wore a gray Boss scarf when she appeared in court with her hubby, who had on a $200 Robert Graham shirt embroidered with the slogan, “Knowledge, wisdom, truth.”

The Midwood couple faces up to 15 years in prison if convicted. Both were released without bail.

“We deny all charges,” said their lawyer Solomon Anter. “We can’t wait for the truth to come out.”

Read more: NYDaily.com

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