Victims of largest fraud case prosecuted in the U.S. Southern District of Georgia will receive millions of dollars in restitution.
More than $27 million will be paid to Medicare, Medicaid programs and victims involved in a federal fraud case.
Blood derivative prescription drugs obtained by fraudulent means and through the black market, were resold through Bio-Med Plus, which was then the largest privately held secondary wholesaler of blood derivatives in the country, according to the U.S. District Attorney's Office.
Martin Bradley III and Martin Bradley Jr. lead the scheme, which operated in Georgia to Florida to California, Puerto Rico, the Bahamas, and elsewhere. Shell companies and offshore accounts were used to cover up the plot.
After a six-week trial held in Savannah, the jury convicted the Bradleys and Bio-Med of racketeering, money laundering and related charges.
Bio-Med was forfeited to the government. Martin Bradley III received 25 years in prison, which is the largest fraud sentence handed down in this district, and his son received 15 years in prison.
The Court also entered a restitution order of over $27.8 million; a forfeiture judgment of $39.5 million; and fines totaling over $30 million against the Bradleys and Bio-Med.
A federal receiver was appointed to liquidate the assets of the Bradleys after their convictions. More than $60 million in assets were liquidated by a federal receiver. The assets of Bio-Med were also sold off.
"I would like to highlight that about $25 million of the restitution will go to Medicaid, Medicare programs and other publicly funded programs. We are returning money stolen from the taxpayers," said U.S. Attorney Edward J. Tarver.
The probe involved several different agencies including the IRS, FDA and the U.S. Dept. of Homeland Security.
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