(MENAFN- PR Newswire)
LOS ANGELES, Jan. 24, 2025 /PRNewswire/ -- After nearly 40 years of building Orthopros, Inc. into a trusted cornerstone of the Los Angeles healthcare community, Joel Bernknopf and John Lamorte were preparing for their well-earned retirement. They envisioned a seamless transition, entrusting their practice to new leadership while securing their future. Instead, they are now embroiled in a legal battle, fighting to reclaim their financial security and legacy after what they allege was a fraudulent and exploitative sale.
Introduced to the buyer through a mutual acquaintance, the two men were assured they were making the right choice for the sale of Orthopros. This buyer had recently acquired two other respected healthcare practices, presenting himself as an experienced industry professional. His promises of success and financial stability for Orthopros seemed too good to pass up. However, the lawsuit alleges behind his reassuring words lay a calculated scheme to lure Bernknopf and Lamorte into selling their business in exchange for unsecured promissory notes-notes that, five years later, remain unpaid.
"Selling Orthopros was supposed to be our final chapter, a way to step back knowing our life's work would continue in good hands," said Bernknopf. "Instead, we've been left with nothing but broken promises and financial devastation."
The lawsuit, set to go to trial on January 27, 2025 (LASC No. 21STCV43430), exposes an alleged pattern of deceit. Bernknopf and Lamorte claim that the buyer, with the help of his wife, and business associates, diverted Orthopros' revenue and profits to fund personal expenses and support other ventures. Despite their trust in the buyer's promises, no payments were ever made.
Orthopros, once a thriving healthcare provider, served clients including professional athletes from the LA Rams, Raiders, and Dodgers. Now, their legacy hangs in the balance as they seek justice.
Bernknopf and Lamorte also allege that the buyer misused federal Economic Injury Disaster Loan funds intended to sustain the business during the COVID-19 pandemic, using them instead for personal expenses and failing ventures.
Fraud targeting small businesses is widespread. According to the Association of Certified Fraud Examiners' 2022 report, small businesses suffer the highest median losses due to fraud.
"Our story is a cautionary tale for every small business owner," said Bernknopf. "If it could happen to us, it could happen to anyone."
SOURCE Orthopros, Inc.
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE?
440k+
Newsrooms &
Influencers
9k+
Digital Media
Outlets
270k+
Journalists
Opted In
GET STARTED
MENAFN24012025003732001241ID1109127535
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.