Osman Syed, 34, is accused of causing Coppell, Texas-based BioDX Labs to submit more than $79 million in fraudulent claims to Medicare and Texas Medicaid for tests that were not provided or were not medically necessary, according to a Nov. 20 Justice Department news release.
He allegedly used the personal identifying information of a physician without the physician’s knowledge or consent, according to the release. To conceal that the lab did not perform the tests as billed, he allegedly falsely represented that the company used reference laboratories to perform its testing. He and his co-conspirators allegedly laundered the proceeds of the scheme by transferring substantial sums to bank accounts abroad. The government has seized more than $15 million in cash in connection with the charges.
He is charged with three counts of healthcare fraud, conspiracy to engage in money laundering and three counts of money laundering. If convicted, he faces up to 10 years in prison on each count.
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