re: If the company you were working for was committing fraud?

Call the Louisiana AG's Medicaid Fraud Control Unit at 225.326.6210 or 1-888-799-6885.

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Must have more details....

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Google Commercial Financial Services, Bill Bartmann at one time was the 2nd richest man in the USA before their fraudulent Securities Scheme went public.

They started by buying the loans from the RTC from the late 80's S&L Crisis. Then expanded into buying bad debt from banks and stuff. They then repackaged those debts and used them as "security" to issue bonds. No problem there.

The problem was using the same debt as security on multiple bonds. If Joe's credit card debt is used to securitize Bond A then it cannot be used to bonds B,C,D and E.

However, the problem with bonds is they specify: will pay X principal + Y interest on specific date Z. Cash flow is paramount and growth for the company depends on constantly buying more debt as debtors have a tendency to payoff. So, how to buy when paying off bonds which were used to buy debt?

They even setup a shell company in a nearby small city with the idea to bankrupt it after a period, to borrow from lenders under other name, to payoff CFS debts.

Read Wikipedia with a grain of salt on CFS and Bartmann. It was not a lone rogue employee, the entire management staff was in on it. That's the reason they refused to sell to Goldman Sachs, Norwest Bank, or issue an IPO and go public. Staying a tightly held private corporation kept their financials private too.

Also the extremely high level political connections helped. For instance: Oklahoma gave $10 million jobs training grant, CFS then donated $2.5 million to school for blind of which the governor's wife was a paid board member.

Hell yeah I would

Are you an admin, biller,

Is the appropriate icd codes not right?

What exactly is the issue you are seeing and for how long?

Just curious, is it straight up fraud? Or is it possible it's a recurring billing error? If it's an error, and the company is legit, they can correct the error and refund Medicaid. If it's straight up fraud, hell yeah, blow the whistle.

Snitches get stitches

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I am the reason one financial corporation shut down in the 90's putting 4500 out of work and causing a bigger bankruptcy than Enron and Worldcom.

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WorldCom was the 3rd largest corporate bankruptcy in American history, surpassed only by Washington Mutual and Lehman Brothers. Enron was the 6th largest. In short, I don't believe you.

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Google Commercial Financial Services

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So this is you...

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The trouble at the closely held company started last September, when an anonymous letter to credit-rating agencies accused the company of puffing up its apparent collection success rate by quietly selling large numbers of uncollected accounts to a shell company tied to a major shareholder

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NYT article from 1998

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So this is you...

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Could be, no one can know for sure.

I stumbled across the mess looking for info for various debtors I was trying to completely resolve (one settlement paidout while $100,000 payment was in route thus overpaying settlement and wanted money back, some others similar but smaller) and by accident when asking a buddy about lunch and recognizing account on his desk as one I had previously worked. That account it turns out was still in one of the portfolios I was working but as security for another bond, and 3 other bonds (total of 5).


ETA: as far as believing me, couldn't care less. The bondholders and S&P believed, that's all that matters. As well as CFS BK was in 1990's WAMU and Lehman was 2008. CFS actual size is a long running dispute as Gertrude Brady (former Fed bank examiner being paid over $1mill/year +top floor of City of Faith as apt who orchestrated the securitization) backed her SUV to the loading dock and loaded up the hard drives which have never surfaced again (I think they at bottom of Florida sinkhole nearby her house she bought with the $5mill golden parachute deal of hers).

The week before the CFS BK filing Bartmann transferred $8 million to Aruba I found out a year or later.