An insurance payment of $205,000 will help compensate a Wyoming hospital for its loss due to the alleged embezzlement of nearly $850,000 by former chief executive officer.
Current CEO Bill Patten told the Powell Valley Healthcare board that the organization’s insurance company agreed to pay the maximum $200,000 provided under its policy to compensate for criminal activities. The company also will pay $5,000 for claim handling.
Patten says negotiations over a similar claim are ongoing with the company that insures the Powell Hospital District separately.
He tells the Powell Tribune that the insurance payments are just one part of our overall efforts to recoup its losses.
Former CEO Paul Cardwell has been accused of authorizing about $848,000 in false billings to the hospital.
He has denied the allegations.
Was this article valuable?
Here are more articles you may enjoy.
Three Sentenced in Videoed Bear-Suit Attacks Insurance Fraud Case 
Global Financial Watchdog to Share Insights on Anthropic’s Mythos 
Wildfire Survivors Could Face Another Blow From Taxes on Settlement Payouts 
Scientists Burn Homes to Figure out How to Best Protect Them in Wildfires 
Want to stay up to date?
Get the latest insurance news
sent straight to your inbox.