A Pennsylvania lawyer at the center of a heated disciplinary battle insists his actions were lawful debt collection efforts—not blackmail. Arkady “Eric” Rayz, of Kalikhman & Rayz LLP, testified Monday before a state disciplinary panel as he fought allegations that he threatened a client’s debtor with exposure of hidden assets unless he paid up.
The case revolves around Florida watch dealer Yuri Lyubarsky, who for over a decade sparred with Rayz over a foreign bank debt later purchased by Vertonix Ltd. The saga includes missed balloon payments, mounting sanctions, and court orders in multiple states.
The $250,000 Threat Allegation
In 2018, when Lyubarsky declared bankruptcy, Rayz allegedly told Lyubarsky’s attorney, Leonid Nerdinsky, that unless his client paid $250,000, he would inform the bankruptcy trustee about undisclosed assets.
The Office of Disciplinary Counsel (ODC) claimed this amounted to blackmail. A bankruptcy judge later agreed, ruling Rayz’s demand violated the automatic stay on collections and slapping him and Vertonix with a $355,000 sanction for fees and emotional distress.
But Rayz’s attorney, Josh J.T. Byrne of Marshall Dennehey PC, countered that Nerdinsky was the only witness to the supposed quid pro quo—and that he later lost credibility after being disbarred in Florida for fabricating court orders and forging judges’ signatures.
