Compounding Pharmacy Mogul Pleads Guilty to Conspiracy to Commit Health Care Fraud and Conspiracy to Commit Money Laundering

"Wade Ashley Walters, 53, of Hattiesburg, Mississippi, a co-owner of numerous compounding pharmacies and pharmaceutical distributors, pleaded guilty to one count of conspiracy to commit health care fraud and conspiracy to commit money laundering before U.S. District Judge Keith Starrett of the Southern District of Mississippi. Defendant was remanded into custody following the plea hearing. Sentencing has been scheduled for Oct. 28, 2020, before Judge Starrett."

Moar: https://www.justice.gov/usao-sdms/pr/compounding-pharmacy-mogul-pleads-guilty-conspiracy-commit-health-care-fraud-and

Three First NBC Executives Indicted For Fraud against Failed $5 Billion Bank

"According to the 46-count Indictment, from 2006 through April 2017, RYAN, BURNELL, CALLOWAY, and ADOLPH conspired to defraud First NBC Bank (the “Bank”) through a variety of schemes. RYAN was the President and CEO of the Bank for most of its existence. BURNELL was the Chief Credit Officer. CALLOWAY was an Executive Vice President. ADOLPH was a borrower at the Bank who was charged with conspiring with the three Bank executives to obtain loans based on false statements and forged documents."

….

"When members of the Board or the Bank’s outside auditors or examiners asked about loans to these borrowers, RYAN, BURNELL, and CALLOWAY made false statements about the borrowers and their loans, and left out the truth about the borrowers’ inability to pay their debts without getting new loans. As a result, the balance on these borrowers’ loans continued to grow. By the time regulators closed First NBC Bank in April of 2017, Gibbs owed the Bank $123 million; Charity owed $18 million; St. Angelo owed $46 million; ADOLPH owed $6 million; Vira owed $39 million; Treme owed $6 million; and Dunlap owed $22 million. The Bank’s failure cost the Federal Deposit Insurance Corporation deposit insurance fund just under $1 billion."

Moar: https://www.justice.gov/usao-edla/pr/three-first-nbc-executives-indicted-fraud-against-failed-5-billion-bank