Former VP of healthcare company sentenced to prison for $7.5M fraud scheme
BATON ROUGE, LA (WAFB) - A judge sentenced the former vice president of a healthcare company Wednesday for a wire fraud conviction in connection with a multi-million dollar fraud scheme, according to the U.S. Attorney's Office.
Michael Pitts, 41, pleaded guilty in April to embezzling more than $7.5 million out of Amedisys, which is based out of Baton Rouge, from October 2006 through May 2014.
U.S. District Judge John deGravelles sentenced Pitts to four years in prison followed by three years of supervised release. Pitts was also ordered to forfeit $7,641,528 in assets and pay back $7,861,679 to Amedisys, Amedisys Political Action Committee, and Ace Westchester Chubb, which is the company's insurer.
"Today Mr. Pitts' insatiable greed landed him in jail for the next four years. He violated the trust that Amedisys placed in him for over nine years," said U.S. Attorney Walt Green. "During this extended period, he stole over $7.5 million dollars from a company who was duped by this unscrupulous individual. I want to convey my great appreciation to the prosecutors and the FBI for their excellent work and to the victim, Amedisys, who provided valuable cooperation and support in this important matter."
Federal prosecutors said he used an elaborate scheme which included fake companies and film tax credits. During the seven-year period, Pitts is accused of making 21 wire transfers to accounts he controlled, amounting to $7,641,528 in total.
Pitts was the Vice President of Tax for Amedisys from January 2005 through July 2014. His position made Pitts responsible for all corporate tax matters. That included preparing state and federal tax returns as well as paying state income taxes for the different states where the company operated.
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