LOS ANGELES
Mihran Panosyan, 46, of Winnetka, California, pleaded guilty Monday to laundering more than $4.6 million tied to a $16 million Medicare fraud involving sham hospice companies, according to authorities.
Key facts in this case:
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The scheme: Panosyan and co-defendants used stolen identities of foreign nationals to open bogus hospice companies and bank accounts. They billed Medicare for end-of-life care that was never provided to patients who weren’t terminally ill.
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The payout: Medicare paid nearly $16 million to these fake hospices.
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Money laundering: Panosyan funneled over $4.6 million through multiple shell accounts and used the money for personal expenses, including private school tuition and real estate.
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Charges and sentencing: He pleaded guilty to money laundering and faces up to 20 years in prison when sentenced on Sept. 8.
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Co-defendants: One co-conspirator, Petros Fichidzhyan, was sentenced to 12 years last month. Trial for the remaining three begins July 29.
The case is part of a broader DOJ crackdown on hospice fraud in the Los Angeles area. The FBI and the Health and Human Services-Office of the Inspector General are investigating.
Since 2007, the DOJ’s Health Care Fraud Strike Force has charged over 5,800 defendants who have fraudulently billed more than $30 billion to federal and private insurers.