Investing in real estate is a great way to create a source of ongoing income. The goal is to buy property that will increase in value, making it part of the foundation of a good wealth strategy. A dentist who operated her practice in two counties near Atlanta invested in real estate by using illegally-obtained government funds to build her wealth. Now she’s in real trouble.
The dentist carried out her fraudulent scheme by instructing an employee to “backdate” or falsify claims that were submitted to Medicaid. For four years, she falsely certified that she treated patients when she had not. (In some instances she was out of the country when she claimed the services had occurred.) In addition, many of the patients were ineligible for Medicaid services in the first place. (Her practice received nearly $1 million for the bogus claims and she in turn spent that money on real estate in the Atlanta area.)
The dentist pleaded guilty and was sentenced to 18 months for filing false claims totaling $996,862. She agreed to repay the full amount to the government and forfeit her interest in more than a dozen properties.
It looks like this dentist’s wealth building strategy turned out to be a bad one. (It’s never a good idea to steal from the government to make yourself richer.) She’s about to move into a new residence where she will be investing a lot of time staring at cinderblock walls and steel bars. Let’s hope she’ll brush up on her investment skills and choose a better path to wealth moving forward."Real Trouble",