“Patel and his conspirators paid a group of corrections officers to go to Patel’s family member’s medical practice for the purpose of receiving fraudulent prescriptions,” according to the DOJ.
He conspired “with a compounding pharmacist to add unnecessary ingredients to the compound medications to further increase their cost and augment his illicit profits,” and engaged in a series of financial transactions to receive proceeds from the health care fraud and wire fraud conspiracy, the DOJ said.
To date, about 48 people have been convicted or pleaded guilty in the overarching conspiracy.
In addition to the prison term, Kiel sentenced Patel to three years of supervised release and ordered him to pay $4.72 million in restitution.
Patel entered the brokerage industry in 2001, at Axa Advisors, where he was registered until 2007, according to his Financial Industry Regulatory Authority BrokerCheck profile. He worked with Morgan Stanley from 2010 to 2011, Wells Fargo Clearing Services from 2011 to 2018, and Stifel, Nicolaus and Co. from 2018 to 2022.
Stifel fired him, citing “loss of confidence,” after the indictment. Months later, FINRA barred Patel and the New Jersey Bureau of Securities revoked his licenses, according to BrokerCheck.
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Source: thinkadvisor.com
