Shlomo Rechnitz

Shlomo Rechnitz
Born (1971-07-29) July 29, 1971
Los Angeles, California
Nationality American
Occupation Owner of TwinMed LLC and Brius Healthcare Services
Known for Business
Net worth Increase US$2.5 billion (2017)[1]

Shlomo Yehuda Rechnitz (born July 29, 1971) is an American businessman. He is the founder of TwinMed and owner of Brius Healthcare Services. He lives in the State of California. He is a billionaire with an estimated net worth of US$2.4 billion.[2][3][4]

Early life and education

Shlomo Rechnitz was born on July 29, 1971 in Los Angeles, California,[5] attended high school at the Mesivta of Long Beach, New York and then went to the Mir Yeshiva in Israel.[6]

Career

In 2006, Rechnitz bought his first nursing home in Gardena, California.[7] In 1998, Rechnitz incorporated TwinMed in Los Angeles with his twin brother, Steve Rechnitz.[8] Based in Santa Fe Springs, California. TwinMed distributes medical supplies to nursing homes and hospitals in the United States from warehouses in California, Texas, Illinois, Ohio, Florida and New Jersey.[9] Rechnitz is also the owner of Brius Healthcare Services,[10] the largest nursing home provider in California.[7] Rechnitz runs over 80 facilities in California.[11]

In 2014, 23 nursing homes owned by Rechnitz received a total of 50 serious deficiencies graded G or higher by the federal government,[12] nearly triple the state average, according to a Sacramento Bee investigation.[11] In October 2015 the FBI raided one of his facilities, the Alta Vista Healthcare & Wellness Centre, in Riverside, California, “seeking evidence in relation to alleged criminal activity.”[11]

In 2015, one of the Humboldt County nursing homes owned by Brius paid $42,000 for administrative services to Boardwalk Financial Services to which Rechnitz is a consultant; and slightly over $47,000 to SR Capital LLC where Rechnitz is a managing member. The same home paid nearly $900,000 to lease the facility from Rechnitz as well as paying over $110,000 to TwinMed Medical Supplies and Services owned by Steve and Shlomo Rechnitz. According to the 2014-2015 state filings, over $4.6 million was paid to companies associated with Rechnitz, including more than $3.5 million in lease payments on the five Humboldt County properties. This all occurred at the same time as the company was trying to close the nursing homes claiming a loss of nearly $1.5 million.[13]

In March 2016, The Forward and the Jewish Telegraphic Agency reported on rumors that he was one of the purchasers of the website Failedmessiah.com.[14][15]

In November 2016, State Senator Mike McGuire said that threats to close Humboldt County, California nursing homes were due to a manufactured crisis and "extortion." McGuire said that the threats were meant to force the state to negotiate a higher rate of return due to alleged losses blamed on a staffing crises and real estate lease agreements paid to Rechnitz's companies.[16]

Philanthropy and community work

Rechnitz oversees the Shlomo & Tamar Rechnitz Charitable Foundation which distributes funds to over 1,100 institutions yearly. He is known in the Los Angeles area for opening his home every Saturday night to listen to the needy and hand out charity.[3] Rechnitz donated $5 million to support the Mir Yeshiva.[2][17]

In December 2011, Rechnitz purchased a creditor’s note against Chabad of California’s headquarters in Westwood for $2.35 million in order to help the organization avoid foreclosure.[2] After Hurricane Sandy, Rechnitz said he gave $1 million to aid in the rebuilding of Orthodox Jewish day schools and to assist the families whose children attend those schools[2]

In 2012 Rechnitz heard about Diane Aulger, a mother-of-five in North Texas that had her labor induced a few weeks early so that her husband could meet their daughter before he died from pulmonary fibrosis. Upon hearing the story, Rechnitz personally phoned Augler himself and sent her $20,000.[2][18] In the autumn of 2014 Shlomo pledged $2.5 million to the Lakewood Cheder School's building campaign.[19]

In 2014, Rechnitz released an album featuring many of the most famous Jewish singers.[20]

In June 2015, Rechnitz donated $250,000 to restore the Mount Zion Cemetery in East Los Angeles.[21] In November 2015, while on a layover in Dublin, Rechnitz purchased hot meals for 400 US troops when he saw they were eating bagged lunches while other passengers dined at airport restaurants.[22][23]

In January 2016 it was reported that Rechnitz had purchased 18,000 Powerball tickets for his employees, and that one of his employees had received a winning ticket. While he did indeed buy and distribute 18,000 tickets, the employee had been tricked by her son into thinking she had won. Rechnitz then offered the family a paid vacation.[24]

In mid November 2016, Rechnitz saw 400 U.S. troops sitting on the floor eating out of paper bags in Shannon airport in Ireland, and gave them each $50 ($20,000 total) to get a nice meal. [25]

Honours and awards

Shlomo Rechnitz is the President of Torath Emeth and he is the first Chairman of the Board for the Chofetz Chaim Heritage Foundation.[26] On August 1, 2012 Rechnitz was honored as the keynote speaker of the 12th Siyum HaShas event at the MetLife Stadium in New Jersey. The event attracted more than 90,000 people and celebrated the conclusion of the  7 1⁄2-year learning cycle of the Babylonian Talmud.[27][28]

Personal life

Shlomo Rechnitz and his wife Tamar (née Belsky, daughter of Yisroel Belsky)[29] live in Los Angeles, California, with their six children.[30]

References

  1. ↑ https://hitberry.com/shlomo-rechnitz-biography-founder-of-twinmed-brius-healthcare-services-and-llc
  2. 1 2 3 4 5 Lowenfeld, Jonah (April 24, 2013). "Doheny Meats Buyer Shlomo Rechnitz on Business Philanthropy". The Jewish Journal. Retrieved December 29, 2016.
  3. 1 2 Suissa, David (December 22, 2011). "On the Money". The Jewish Journal. Retrieved December 29, 2016.
  4. ↑ Stansberry, Linda (July 9, 2015). "The Shut Out". The North Coast Journal. Retrieved 29 December 2016.
  5. ↑ "Shlomo Rechnitz: Properties & Businesses owned by Shlomo Rechnitz". The Frum Deal. July 23, 2014. Retrieved 29 December 2016.
  6. ↑ Media, JNi. "Rechnitz: I help Lakewood Institutions I Know Would Never Accept my Own Children". Jewish Press. Retrieved 8 March 2016.
  7. 1 2 Lundstrom, Marjie; Reese, Phillip (13 June 2015). "California’s largest nursing home owner under fire from government regulators". The Sacramento Bee. Retrieved 13 November 2015. He started out in 1998 selling latex gloves and adult diapers alongside his twin brother, Steve, but branched out on his own to buy his first nursing home in Gardena in 2006.
  8. ↑ "TwinMed, LLC: Private Company Information - Businessweek". Businessweek.com. Retrieved 2015-11-28.
  9. ↑ "TwinMed, LLC: Private Company Information".
  10. ↑ "Shlomo Rechnitz". Brius Health. Retrieved 24 January 2017.
  11. 1 2 3 Lundstrum, Marjie. "FBI raids Riverside nursing home". Sacramento Bee. Retrieved 2016-01-15.
  12. ↑ Lundstrom, Marjie (June 13, 2015). "Nine stories from Rechnitz’s California nursing homes". Sacramento Bee. Retrieved 29 December 2016.
  13. ↑ Stansberry, Linda (October 13, 2016). "The Case of the Missing $5 Million Who is profiting off the skilled nursing monopoly, and why it feels 'like we're being extorted'". The North Coast Journal. Retrieved 29 December 2016.
  14. ↑ Nathan-Kazis, Josh. "Do Buyers Plan To Silence FailedMessiah.com?". The Forward. Retrieved 2016-03-08.
  15. ↑ Cohen, Debra Nussbaum. "Founder of Orthodox muckraker blog Failed Messiah sells – but did he sell out?". Jewish Telegraphic Agency. Retrieved 2016-03-14.
  16. ↑ Stansberry, Linda (November 10, 2016). "Brius Rescinds Cancellation of Partnership Contract, Halts Closure of Two Skilled Nursing Facilities". The North Coast Journal. Retrieved 29 December 2016.
  17. ↑ "Donor Pulls Through for Chabad".
  18. ↑ "Shlomo Rechnitz Donates to Devastated Family in North Texas". Working to Give.
  19. ↑ "Reb Shlomo Yehuda Rechnitz Dedicates The New Vassar Avenue Building of the Lakewood Cheder".
  20. ↑ "Shlomo Yehuda Rechnitz Releases Album To Raise Funds For Keren Hashviis "SHIR" | Jewish Insights". www.thejewishinsights.com. Retrieved 2015-11-28.
  21. ↑ "Local Entrepreneur Donates $250K To Repair Abandoned East LA Jewish Cemetery". CBSlocal.com. 5 June 2013. Retrieved 10 August 2015.
  22. ↑ "Philanthropist Sees 400 US Troops Eating Bagged Lunches, Pays For Them To Eat Wherever They Want".
  23. ↑ "Philanthropist treats 400 U.S. soldiers to warm meal during airport layover". AOL.com. Retrieved 2016-01-15.
  24. ↑ "Pomona nurse pranked by son, was not Chino Hills Powerball jackpot winner". ABC7 Los Angeles. Retrieved 2016-01-24.
  25. ↑ "Man Shows Gratitude for 400 U.S. Troops at Airport by Buying Them All Dinner". FOX News Insider. 2015-12-06. Retrieved 2017-03-27.
  26. ↑ "Shlomo Yehudah Rechnitz Named Chairman of the Board of CCHF". The Online Voice of Torah Jewry.
  27. ↑ "My Machberes: Daf Yomi Siyum HaShas". The Jewish Press.
  28. ↑ "Tens of Thousands Celebrate Historic Siyum HaShas". The Jewish Press.
  29. ↑ Blum, Shimmy (9 April 2013). "You Can’t Build Up If You’re Looking Down". Mishpacha Jewish Family Weekly. Retrieved 13 November 2015.
  30. ↑ "Shlomo Rechnitz - Biography - Founder of TwinMed, Brius Healthcare Services and LLC". hubmesh.com. Retrieved 2017-03-27.
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