A dispute over a $437,500 pharmaceutical transaction has led to a lawsuit alleging breach of contract, fraud, and violations of consumer protection laws after funds placed in escrow were not returned following the non-delivery of prescription medication. The complaint was filed by Nicholas L. Smith Pharmacy, LLC in the United States District Court for the District of New Jersey on April 10, 2026, naming Akers Nanotechnology, LLC; its managing member Raymond F. Akers Jr.; and attorney Lewis G. Adler as defendants.
According to the complaint prepared by Menn Law Firm Ltd. and Shapiro Croland Reiser Apfel & Di Iorio LLP on behalf of Smith Pharmacy, the case centers on an agreement made in February 2025 for the purchase and importation of 500 boxes of Ozempic from Europe to Wisconsin. The pharmacy alleges it wired $437,500 to Adler’s Interest on Lawyers Trust Account (IOLTA) at Bank of America under terms that required the funds be held until delivery was confirmed.
The document outlines that Akers Nanotechnology represented itself as an authorized importer able to supply Ozempic directly from Novo Nordisk in Denmark. Attorney Lewis G. Adler acted as both registered agent for Akers LLC and escrow agent for the transaction but allegedly did not disclose his ongoing legal relationship with Akers LLC to Smith Pharmacy.
Under the written Escrow Agreement dated February 5, 2025—attached as Exhibit A—the plaintiff agreed to deposit twenty percent ($87,500) initially into Adler’s IOLTA account with further payment contingent upon receiving documentation such as airway bills and customs clearances showing shipment was en route from Europe. The remainder ($350,000) was wired around February 20 after assurances from Akers LLC that delivery was imminent.
Smith Pharmacy claims it never received delivery or proper documentation confirming shipment despite repeated requests over several months. Instead, communications from Raymond F. Akers Jr., acting for Akers LLC, cited various delays including customs issues in Germany and holidays affecting business operations abroad.
The complaint states that without authorization or written instruction from Smith Pharmacy—as required by the agreement—Adler released a substantial portion of the escrowed funds to Akers LLC at Raymond’s direction and took his own fee as paymaster. When Smith Pharmacy cancelled the order on July 1 due to non-delivery and demanded return of its money along with an accounting from Adler, no refund or satisfactory response was provided.
Multiple written demands were sent by Smith Pharmacy between June and August 2025 requesting release of funds held in escrow; these included concerns about counterfeit products and confirmation that money remained in Adler’s account. According to the filing, Adler failed to provide any written confirmation or accounting but stated orally that funds were being used by Akers as collateral for other projects.
Smith Pharmacy asserts this conduct constitutes breaches by both Akers LLC (for failing to deliver product or refund payment) and Adler (for releasing funds without proper authorization). The complaint further alleges gross negligence and willful misconduct by Adler due to conflict of interest—acting simultaneously as counsel for Akers LLC—and failure to safeguard client funds per New Jersey Rules of Professional Conduct.
The suit also brings claims against all defendants for fraud based on alleged false representations regarding regulatory approval status and ability to deliver Ozempic; conversion for wrongful retention or use of specific escrowed funds; unjust enrichment; violation of the New Jersey Consumer Fraud Act; and seeks personal liability against Raymond F. Akers Jr., arguing he dominated Akers LLC as his alter ego.
Smith Pharmacy is seeking compensatory damages equal to at least $437,500 plus pre-judgment interest, lost profits, attorneys’ fees, consequential costs associated with recovery efforts, punitive damages where applicable—including under consumer protection statutes—and orders requiring full accounting from Adler along with any other relief deemed just by the court.
The case is identified as Case No. 1:26-cv-03783 in the United States District Court for the District of New Jersey. Attorneys representing Smith Pharmacy include Sarah J. DeBruin (Menn Law Firm Ltd.), Jansen J. Van Daalve (Menn Law Firm Ltd.), Glenn R. Reiser (Shapiro Croland Reiser Apfel & Di Iorio LLP), among others named in filings.
Source: 126cv03783_Nicholas_L_Smith_Pharmacy_v_Adler_Complaint_District_New_Jersey.pdf
