AP of South Florida, LLC (APSF), an insurance brokerage company located in Florida, has admitted to participating in a fraudulent scheme that took advantage of thousands of vulnerable consumers under the Affordable Care Act (ACA).

The company is accused of illegally enrolling individuals into fully subsidized ACA plans, resulting in over $141 million in undeserved federal subsidies.

“APSF exploited vulnerable individuals for financial gain, defrauding the U.S. government in the process,” stated FBI Director Kash Patel.

According to the United States Department of Justice, APSF’s parent company, AssuredPartners, Inc., reached a separate civil settlement agreement to pay $107 million in connection with allegations of violating the False Claims Act by submitting false applications for ACA health insurance plans. As part of its guilty plea, APSF will also pay $27.6 million in restitution. AssuredPartners is not facing any criminal charges.

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The plea agreement reveals that APSF confessed to defrauding the federal government through the actions of its executives and staff.

The report states that the company specifically targeted low-income individuals who were already facing challenges such as homelessness and unemployment. APSF is reported to have employed “street marketers” to entice these vulnerable consumers with offers of cash and gift cards, coaxing them to enroll in ACA plans for which they did not qualify.

Officials noted that by submitting fraudulent applications, APSF not only exploited the ACA but also compromised access to healthcare for these individuals. Many consumers ended up losing their previous healthcare coverage, including Medicaid benefits, resulting in increased medical expenses and limited access to essential medications.

Recently, the former president of APSF was sentenced to 20 years in prison for his role in the fraudulent scheme.