How Not to Become a Millionaire

There is a wealth of information available on how to become a millionaire. Books, magazines and financial blogs abound with great advice, such as: earn more than you spend; save a set percentage of your income each month; or, make regular investments in the stock market. (Extreme risk takers often take a chance by playing the lottery, but it would probably be impossible to find a financial advisor that would suggest that tactic.) An article posted on MLive.com details the story of how two fraudsters attempted to make their million by stealing from Medicare.

The story states that two owners of a Detroit-area home health care agency and their co-conspirators committed health care fraud over a four-year period. The duo’s scam worked by billing Medicare for home health care services that were not medically necessary or never provided. The two also paid kickbacks to recruiters who obtained and delivered Medicare beneficiary information to the company. As a result of their illegal acts, the company owners received $952,913.27 from the government benefits program.

These two fraudsters both pleaded guilty to one count of conspiracy to commit health care fraud for their roles in the nearly $1 million fraud scheme. They are awaiting sentencing.

These health care company founders were on their way to becoming millionaires until they were busted by the Medicare Fraud Strike Force. (Fraud is definitely not a recommended way to obtain wealth.) One thing is for sure, they won’t be profiled on the cover of Forbes any time soon. However, their profile will be well documented within the penal system. Instead of letting legitimately earned revenue grow with compounded interest, it looks like they have only compounded the problems they are likely to experience in the future.

The post How Not to Become a Millionaire appeared first on Fraud of the Day.

Rob Port is the editor of SayAnythingBlog.com, a columnist for the Forum News Service, and host of the Plain Talk Podcast which you can subscribe to by clicking here.

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