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Thinkpad The former president of Interstate Services was sentenced to 41
months in prison for swindling millions of dollars in paid-in
insurance premiums that were never transferred to the insurer.
US Attorney John B. Hyde said the president of Interstate Services Incorporated (ISI), was sentenced to 41 months in prison today before Judge Phyllis Hamilton in San Francisco federal court. Hyde was sentenced to prison for his role in a scheme in which he defrauded thousands of people throughout the United States. The victims purchased health insurance plans from Hyde's company, only to discover after illnesses or accidents that their health insurance was essentially worthless and that the premiums they paid had not been used as . Hyde had promised. Hyde pleaded guilty to one count of health care fraud today pursuant to a plea agreement.Hyde, 67, of Novato, count indictment on January 22, 2002, with nine counts of mail fraud, one count of health care fraud, and 52 counts of money laundering. The indictment's last count sought forfeiture of Hyde' home in Stinson Beach, California.
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According to the indictment, Jones would steal various IBM and Penguin computer servers from Verisign's warehouse in Virginia and sell them to Johnson. Johnson would then sell the servers to several individuals, who would sometimes place them for sale on eBay. As a result of this scheme, the indictment alleges that Jones and Johnson caused Verisign to lose more than $120, 000 worth of computer equipment. In the indictment, Jones and Johnson are charged in three counts with causing the interstate transportation of stolen property, namely IBM 330 and 335 servers, in violation of 18 U.S.C.
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Laptop Computer June 29, 2005 (AXcess News) San Francisco - The former president
of Interstate Services was sentenced to 41 months in prison for
swindling millions of dollars in paid-in insurance premiums that
were never transferred to the insurer.
U.S. Attorney Ryan said, "Health care fraud can have a devastating impact on victims in vulnerable circumstances by depriving them of health insurance coverage in their time of need. Our office is committed to vigorously enforcing the laws which protect the public from those who exploit such victims for their own gain. This sentence serves as a deterrent and helps to maintain the integrity and confidence of our health insurance system."
Desktop Computer US Attorney John B. Hyde said the president of Interstate
Services Incorporated (ISI), was sentenced to 41 months in prison
today before Judge Phyllis Hamilton in San Francisco federal court.
Hyde was sentenced to prison for his role in a scheme in which he
defrauded thousands of people throughout the United States. The
victims purchased health insurance plans from Hyde's company, only
to discover after illnesses or accidents that their health
insurance was essentially worthless and that the premiums they paid
had not been used as . Hyde had promised. Hyde pleaded guilty to
one count of health care fraud today pursuant to a plea
agreement.Hyde, 67, of Novato, was charged in a 64-count indictment
on January 22, 2002, with nine counts of mail fraud, one count of
health care fraud, and 52 counts of money laundering. The
indictment's last count sought forfeiture of Hyde's then-home in
Stinson Beach, California.
Notebooks U.S. Attorney Ryan said, "Health care fraud can have a
devastating impact on victims in vulnerable circumstances by
depriving them of health insurance coverage in their time of need.
Our office is committed to vigorously enforcing the laws which
protect the public from those who exploit such victims for their
own gain. This sentence serves as a deterrent and helps to maintain
the integrity and confidence of our health insurance system."
Lenovo In pleading guilty, Hyde admitted that he was president of ISI
which operated in Novato. ISI marketed and sold a health plan known
as the ERISA Employee Health Benefit Plan or the ERISA Advantage.
The health plan was marketed and sold to thousands of people
throughout the country who believed that they were covered by a
legitimate health plan.
Hard Drive According to the charges, Hyde, in order to persuade people to
choose the ERISA Advantage as their health plan, promised that
about 30 percent of the premiums collected would go into specially
established trust accounts at Riggs Bank in Washington, D.C. The
rest of the premiums (70 percent) would be used to purchase a group
health insurance policy from an established, highly rated insurance
company based in the United States.
Travelstar According to the charges, Hyde and ISI collected the premiums
but deposited only a token amount into the trust accounts at Riggs
Bank. Hyde used much of the money to pay his personal expenses,
provide salaries for his family members, lease expensive
cars, buy football tickets, pay
office expenses, and pay commissions to so-called promoters who
helped market the fraudulent plan.
Gateway In pleading guilty, Hyde also admitted that he failed to
purchase the promised group health insurance policy from an
established American insurance company. The only insurance coverage
associated with the scheme was provided by Colonnade Insurance, a
company based in Aruba that was not admitted to
do
business in the United States, had no rating, and had
been in business for less than two years. According to court
filings, the principal of Colonnade was a convicted felon. As a
result of Hyde's scheme, thousands of people were left without real
health coverage.
Laptop Parts The indictment alleged that Hyde and ISI operated the fraudulent
insurance scheme from 1997 to 1998. In other court filings,
however, the United States alleged that Hyde had operated similar
schemes under different names for more than 15 years. Some of these
plans were known as the Scotsman Benefit Trust, Benton & Hyde
Insurance Services, Benefit Data Administrators, and Thorndyke
International. According to the government's court filings, Hyde
and his various companies were repeatedly sued and sanctioned by
regulators.
Software In sentencing Hyde, the court found that he had engaged in more
than minimal planning, exploited victims that he knew or should
have known were especially vulnerable, and abused a position of
trust as ISI's fiduciary. The court ordered Hyde to pay $1.3
million in restitution.Source: US Attorneys Office
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