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FBI raids WellCare Health Plans

10/25/2007 © Miami Herald
TAMPA -- Federal authorities searched the headquarters of Florida's largest provider of managed healthcare for the poor Wednesday and trading of its stock was suspended, but nobody would say why the company is being targeted.

FBI agents along with various other federal law enforcement personnel -- including some from the attorney general's Medicaid Fraud Control Unit -- raided the offices of WellCare Health Plans. Authorities said the raid will not affect the 350,000 poor Floridians who receive Medicaid through the Tampa-based company.

''The ongoing investigation does not directly concern, nor should it have any impact upon, the delivery of any healthcare service to any person,'' the U.S. Attorney's Office said in a statement.

Trading in WellCare stock on the New York Stock Exchange was halted at 10:59 a.m., about 90 minutes after the market opened, after it had fallen $5.47 a share or 4.5 percent to $115.50.

The company acknowledged the search and said it is cooperating with authorities.

''Our No. 1 priority is making sure that our members have access to needed care and services,'' the company said in a statement. ``Our essential services are operational and will remain uninterrupted.''

A spokeswoman said WellCare would have no further comment.

Andrew Agwunobi, secretary of the Florida Agency for Health Care Administration, which administers the state's $16.6 billion Medicaid program, said he is ``deeply concerned.''

Click here for the entire story.

Edited 10/29/2007