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WellCare Health Plans, Inc. (WCG) has resolved investigations by the United States Attorney's Office for the Middle District of Florida (USAO) and the Florida Attorney General's Office by entering into a Deferred Prosecution Agreement (DPA). Under the DPA, the United States Attorney's Office has filed a one-count criminal Information charging the Company with conspiracy to commit health care fraud against the Florida Medicaid and Healthy Kids programs under certain contracts. The United States Attorney's Office has agreed to recommend to the Court that prosecution of WellCare be deferred for the term of the DPA. If WellCare complies with the DPA, the United States Attorney's Office will seek dismissal of the charges within five days of the expiration of the DPA.
Under the DPA, WellCare will pay a total of $80 million; $35.2 million of that amount was paid by the Company in August 2008. WellCare will pay $25 million within five business days of the entry of the DPA and the remaining $19.8 million no later than December 31, 2009.
The DPA also requires WellCare to retain an independent Monitor, selected by the United States Attorney's Office, for a period of 18 months. The term of the DPA is 36 months, but after a period of 18 months, the United States Attorney's Office may agree to reduce it to 24 months.
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