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SARs Assist in Conviction of Pharmacist

A business owner who ran a pharmaceutical business that defrauded drug manufacturers was sentenced to nearly two years in prison, three months of supervised probation and ordered to make restitution of $513,369.40. The sentence resulted from a guilty plea to one felony count each for conspiracy to commit mail fraud and money laundering. The target pled guilty for his role in obtaining pharmaceuticals at a greatly reduced price based on false representations to drug manufacturers and buying groups that the drugs would be only sold to institutional customers such as nursing home patients and adult foster home clients. However, the target diverted the pharmaceuticals and resold them to wholesalers, generating large and illicit profits. This case was initiated from evaluation of informant information and supplemented by a review of SARs, which described large unexplained currency deposits.

Agencies participating in this investigation included IRS-Criminal Investigation, FBI, and the Food and Drug Administration.

(Source: IRS-Criminal Investigation)

[Published in The SAR Activity Review Trends, Tips & Issues, Issue 5, February 2003]