TPA exec pleads guilty to embezzling client health care funds

A Connecticut TPA owner faces up to 30 years in prison and will pay nearly $15 million in restitution and forfeit $2 million in connection with a scheme to steal a client’s health care funds, defraud lenders and use misappropriated funds to pay for personal expenses, BenefitsPro reports. Anthony Riccardi, executive vice president and co-owner of Employee Benefit Solutions LLC, pleaded guilty to conspiracy to commit wire fraud and bank fraud. EBS served as a TPA for a New York auto dealership’s self-funded employee health care program and misappropriated approximately $17.9 million in payments by the dealership to pay for employee health care expenses.