The former chief executive of World Health Alternatives medical billing and staff firm will be sentenced for $41 million in securities fraud and tax evasion, according to the San Francisco Chronicle.
Initially, prosecutors charged Richard McDonald with a $200 million loss to investors in World Health, but his guilty plea reduced the charge to $41 million. Mr. McDonald resigned in 2005 before the firm filed Chapter 11 bankruptcy.
According to prosecutors, Mr. McDonald siphoned money from the company, altered records to hide his unpaid payroll taxes and changed record to overstate loans.
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Initially, prosecutors charged Richard McDonald with a $200 million loss to investors in World Health, but his guilty plea reduced the charge to $41 million. Mr. McDonald resigned in 2005 before the firm filed Chapter 11 bankruptcy.
According to prosecutors, Mr. McDonald siphoned money from the company, altered records to hide his unpaid payroll taxes and changed record to overstate loans.
More Articles on Coding, Billing and Collections:
House Republicans Propose Raising Medicare Eligibility Age to Avoid Fiscal Cliff
OIG Calls for Audits Prior to Meaningful Use Payments
Hospital ERs Begin Charging Fees for Non-Emergency Problems