Two Health Insurance Executives in Florida Arrested & Face 13 Felony Charges for Concealing Insolvency of the Firm
Posted Aug 23 2012 10:10am
In December of 2011, Medicare terminated it’s contract with the firm. The company was based in Tampa, Florida. Medicare found at this time that they had insufficient funds to assure payment of claims and losses. The plan has 10,000 members and they all returned to the original Medicare plan. Humana picked up the prescription plan with Florida Wal-Mart Preferred which they run and administrate and this action with criminal charges is a result of what happened at the end of last year. The charges state that the two executives used false or misleading statements and concealed a $5 million dollar asset on a loan from Herald National Bank in New York. The company was liquidated by the courts in December. This is interesting to see the involvement of the bank here as well and how did they get that loan could be a good question. BD
Two executives from a Tampa health insurance company have been accused of intentionally filing misleading information with the state to cover the firm’s fiscal instability. Sabiha Haider Khan, 37, and Nazeer Haider Khan, 40, executives of Tampa-based Quality Health Plans, Inc., were arrested in Leon County, having filed the paperwork with the Florida Office of Insurance Regulation. Both face 13 counts felony charges. “When insurance companies choose not to play by the rules they put their policyholders and all Floridians at risk for their own personal gain,” Florida Chief Financial Officer Jeff Atwater stated in a release. “I am proud of the diligent efforts of our fraud investigators and the work of OIR in holding companies accountable for their actions and protecting the citizens of Florida.” The investigation was handled by the Florida Department of Financial Services’ Division of Insurance Fraud.