How will the U.S. Attorney justify his failure to file charges?

PolyMedica Corporation (NASDAQ: PLMD $32.89) is one of the nation’s largest and most egregious examples of Medicare abuse. The Federal government has spent tens of millions over the last five years conducting a criminal investigation of PolyMedica’s Medicare sham. The investigation has involved over 120 officials from 9 different divisions within the Health and Human Services and Justice Departments. The PolyMedica criminal investigation is one of the largest in history.

Reasonable fact-based estimates of Medicare’s losses from PolyMedica’s abuses, based merely on publicly available evidence, exceed $400 million and are on-going. Yet PolyMedica’s stock is currently reflecting a less than $50 million settlement with no material changes to its Medicare co-payment collections practices or irregular billings.

The Bush Administration controls PolyMedica’s criminal prosecution. There are members of the Bush Administration, including the Department of Justice’s (“DOJ”) Marcos Daniel Jimenez, the United States Attorney General for the Southern District of Florida, who are advocating leniency towards PolyMedica. These efforts are opposed by Federal Bureau of Investigation and Medicare Inspector General Officers who actually conducted the PolyMedica investigation and who believe the DOJ’s proposed settlement is grossly inadequate. Many participants in the criminal investigation believe that serious conflicts have impeded the prosecution. Many believe the government possesses more than sufficient evidence to successfully prosecute PolyMedica in a court of law and thereby restore the integrity of the system.

American taxpayers, members of the media, Medicare advocates and government watch groups should be alert to any pre-election settlement of the DOJ’s 5 year long PolyMedica criminal investigation.

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Posted in PolyMedica Corporation

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