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Man Sentenced to 14 Years In Prison For Two Multi-Million Dollar Schemes

Man Sentenced to 14 Years In Prison For Two Multi-Million Dollar Schemes

A Sewell, NJ man has been sentenced to 14 years in prison for his role in two fraud schemes related to health insurance.

Steven Monaco was convicted in April 2022 and was today sentenced to 168 months in prison for defrauding federal, state, and private health insurance plans out of upwards of $4.6 million.

An official release from the IRS Criminal Investigation division explains that Monaco, who worked as a medical sales representative, led two related fraud schemes that ultimately led to his legal woes. 

In the first scheme, the defendant worked with a doctor, Daniel Oswari. Monaco arranged for a medical assistant from Oswari's office to be placed on the payroll of his employer while continuing to work for Oswari's practice, as well.

In exchange, Oswari referred all his lab work to the laboratory where Monaco worked for the period from late 2013 through 2016. Monaco received nearly $36,000 in commissions during this timeframe. 

Monaco's second scheme involved him and a conspirator, pharmaceutical sales representative Richard Zappala, taking advantage of New Jersey insurance plans that paid for costly medications. 

From 2014 through 2016, Monaco and Zappala scammed insurance providers to receive a percentage of the reimbursement for compounded medication prescriptions that they arranged.

To accomplish this, the duo paid medical professionals to write medically unnecessary prescriptions for the compounded medications in question. Monaco specifically worked with Dr. Michael Goldis and his cousin, physician's assistant Jason Chacker to sign these fraudulent prescriptions.

Both Goldis and Chacker were compensated with sports tickets, cash, and other benefits. 

Oswari, Zappala, Goldis and Chacker all previously pleaded guilty and will be sentenced later this year. 

In addition to serving 168 months in federal prison, U.S. District Judge Robert B. Kugler ordered Monaco to serve three years of probation upon release and to pay $4.69 million in restitution.

What do you think about Monaco's fraud schemes?

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Rebekah Barton

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