The news keeps getting worse for Universal Health Care Group, a St. Petersburg, Florida-based Medicare insurer accused of financial impropriety and mismanagement. State regulators began investigating the company in August, 2012, and it filed for bankruptcy in February, 2013.<\/p>\n
More recently, authorities placed the company into receivership under the control of the Division of Rehabilitation and Liquidation at the Florida Department of Financial Services.<\/p>\n
Then, on March 28, 2013, Federal agents raided Universal’s St. Petersburg headquarters, ordering hundreds of employees out of the building.<\/p>\n
The raid came shortly after the trustee in the company’s bankruptcy case alleged a \u201cpattern of dishonesty or gross mismanagement.\u201d Examples cited included a transfer of $18.3 million to a company controlled by Universal’s founder, Dr. Akshay Desai, and over $2 million is bonuses paid to executives in 2012.<\/p>\n
Following Universal’s bankruptcy filing, state insurance regulators had already begun liquidating the company’s assets when the federal raid happened.<\/p>\n