Soros Related Firm Raided By FBI

The American Thinker thinks this case bears close watching:

WellCare Health Plans of Tampa, a firm which has made scads of money administering government health care, and huge profits for George Soros, who was once its largest shareholder, has been raided by the FBI and shuttered. The St. Petersburg Times reports:

(emphasis mine for the reading challenged).

The company, which went public in July 2004 at $17 a share, has had a meteoric rise, with its stock more than doubling in the past 12 months. On Wednesday, WellCare’s shares dropped $6.77 or 5.5 percent, to $115.50 before trading was halted about 11 a.m. It ended the day down $7.10 at $115.17.

According to the St. Petersburg Times:

WellCare’s business practices have come under increased criticism over the past several months. Last spring, the company said independent sales agents in Georgia enrolled dead people in Medicare plans. In May and June, WellCare representatives appeared along with other insurance executives at hearings in the Senate and House into aggressive Medicare marketing practices. WellCare and six other insurers subsequently agreed to a temporary halt in marketing one type of Medicare plan, while promising to initiate consumer safeguards. In August, however, Medicare cited WellCare once again for violating several provisions of its Medicare contract, including sales practices.

George Soros is supposed to be a friend of the poor and downtrodden, right?

H/T: Lucianne

UPDATE (10/27):

From Michelle Malkin:

Soros Private Equity Investors had owned about 80 percent of WellCare at the time of its IPO. “In December [2004], Soros Private Equity Investors sold 5.6 million shares for about $170 million. In April [2005], Soros spun off the $1.3-billion private equity group and the new firm was renamed TowerBrook Capital Partners. TowerBrook is headed by Neal Moszkowski, who previously led Soros Private Equity. Moszkowski also is chairman of the WellCare board.”

Also on the board of directors: former Democrat U.S. senator and Florida governor Bob Graham.

Initially funded by far Left billionaire George Soros and now run by one of his acolytes….got that retards?