A Connecticut insurance firm owner faces up to 30 years in prison and will pay nearly $15 million in restitution and forfeit $2 million in connection with a scheme to steal a client's health care funds, defraud lenders and use misappropriated funds to pay for personal expenses, according to a statement from the DOJ. Anthony Riccardi pleaded guilty to conspiracy to commit wire fraud and bank fraud as part of the $40 million scheme. Sentencing has been scheduled for July 20, 2023.
According to court documents, Riccardi owned 50% of Employee Benefit Solutions LLC and served as its executive vice president. The firm offered health care insurance-related services and provided third-party health care claims administration services to clients that self-insured their employee health care plans. As a TPA, EBS was supposed to earn an administrative fee to administer, process and pay health care claims for its clients.
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