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Employee Benefits

Health insurance broker admits $1.5 million fraud

April 23, 2021 Reprints

A Lakewood, New Jersey-based insurance producer admitted in court on Monday to bilking Blue Cross Blue Shield of $1.5 million through a fraudulent claims scheme, Asbury Park Press reported. The broker, who headed Madison Financial Services, created sham companies that marketed health insurance to local residents, giving the insurer the impression that they were paid employees.

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Health insurance broker admits $1.5 million fraud

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