Lab owner who defrauded Medicare to forfeit $187 million, Ferrari

Lab owner who defrauded Medicare to forfeit 7 million, Ferrari


Exhibit from court record: 2018 Red Ferrari Spider.

Source: U.S. DOJ

A Miami federal judge ordered a lab owner convicted of defrauding Medicare to forfeit more than $187 million worth of proceeds from the scam, including $30 million in cash, a 2018 Ferrari Spider and real estate, the Department of Justice said Wednesday.

The lab owner, Minal Patel of Atlanta, was sentenced in August to 27 years in prison for filing nearly $500 million in false claims to Medicare for sophisticated, and expensive, cancer genetic tests.

Medicare is the federally run program that provides health coverage to primarily older Americans.

The DOJ said Wednesday that the 44-year-old Patel conspired with telemedicine companies, call centers and patient brokers to convince Medicare beneficiaries to take the genetic tests through his company LabSolutions.

Telemedicine doctors robo-signed prescriptions for the tests even though they did not evaluate the patients and often did not even speak to them, according to the DOJ.

Medicare paid out more than $187 million in false claims for the tests.

In addition to the Ferrari, which retails for more than $300,000, Patel used proceeds to buy other luxury items, according to prosecutors.



Source

Eli Lilly earnings are coming Thursday. Here’s what top analysts expect
Health

Eli Lilly earnings are coming Thursday. Here’s what top analysts expect

Many on Wall Street expect that Novo Nordisk ‘s loss has been Eli Lilly ‘s gain, and this will be good news for the Zepbound maker’s second-quarter results. Novo Nordisk’s stock has cratered about 47% since the start of the year, as doubts emerged about the outlook for its GLP-1 drugs, Ozempic for diabetes and […]

Read More
Candy giant Mars partners with biotech firm to gene-edit cocoa supply
Health

Candy giant Mars partners with biotech firm to gene-edit cocoa supply

Packages of M&M’s milk chocolate candy are stacked at a Costco Wholesale store on July 12, 2025 in San Diego, California. Kevin Carter | Getty Images News | Getty Images Candy maker Mars said Wednesday it’s partnered with biotech company Pairwise to speed up the development of more resilient cocoa using CRISPR-based gene editing technology. […]

Read More
Healthy Returns: Medicare, Medicaid will reportedly pilot covering obesity drugs – a potential win for drugmakers
Health

Healthy Returns: Medicare, Medicaid will reportedly pilot covering obesity drugs – a potential win for drugmakers

A combination image shows an injection pen of Zepbound, Eli Lilly’s weight loss drug, and boxes of Wegovy, made by Novo Nordisk. Hollie Adams | Reuters A version of this article first appeared in CNBC’s Healthy Returns newsletter, which brings the latest health-care news straight to your inbox. Subscribe here to receive future editions. For […]

Read More