Doctors’ Adviser Sends Apologies; $25 Million Lost

A financial planner who managed investments for about 50 doctors has left town, leaving a note of apology and $25 million of his clients’ money unaccounted for.

Henry Gherman, 51, handled pension funds and personal investments and managed medical offices for South Florida clients who received copies of a handwritten letter of apology in the mail Wednesday.

“By the time you receive this letter, I will be gone,” the letters said. “I have run away.”

FBI spokesman Paul Miller said Gherman and his companies are under investigation for possible wire fraud, bank fraud, embezzlement and interstate transportation of stolen property.

‘Unable to Face Consequences’

“I have taken this action because I am unable to face the humiliation, disgrace and consequences” that would follow once his company, Financial & Investment Planning Inc., collapsed, the notes said. He added that he would try to return the doctors’ money.

Jay Solowsky, an attorney for the doctors, said Gherman accepted money from clients to invest in certificates of deposit but that banks had no record of CDs being purchased. Gherman also accepted money to buy medical malpractice insurance for his clients but failed to pay premiums, Solowsky said.