FBI agents with state investigators raided the Florida heaquarters of Wellcare Health Plans this morning. Medicare HMO Fraud suspected. Wellcare is not saying anything. Its stock tanked. Medicare fraud enforcement is becoming a hot issue.
State and federal law-enforcement agents armed with a federal search warrant raided the headquarters of WellCare Health Plans Inc. in Tampa, Fla., according to the U.S. attorney’s office there.
The New York Stock Exchange subsequently halted trading of shares in WellCare, which provides managed-care plans for 2.3 million Medicare and Medicaid participants nationwide. Its shares fell $7.10, or 5.8%, to $115.17 at market close.
WellCare said in a statement that it is cooperating with authorities and that its essential operations won’t be disrupted.
