A Los Angeles man pleaded guilty on Monday to laundering more than $4.6 million in connection with a Medicare hospice fraud scheme, the Department of Justice (DOJ) said in a statement.
Prosecutors said Mihran Panosyan, 46, of Winnetka, used the funds to purchase real estate and pay for his child’s private school and other personal expenses.
He is scheduled to be sentenced on Sept. 8 and faces up to 20 years in prison.
Panoysan allegedly worked with four others to launder nearly $16 million as part of the scheme.
Three of his co-defendants allegedly used the identities of foreign nationals no longer in the United States to operate several fake hospice companies, the DOJ said in a statement….