COLUMBUS, Ohio — Lawmakers passed a bill that aims for tighter controls for the recipients and stricter penalties for those who commit Medicaid fraud.
While this was a hot-debated topic among both parties, lawmakers placed the bill on the fast track for a vote on the floor.
“We’ve preserved all the protections for folks who are on Medicaid today, and we’re going to cut down on waste,” State Rep. Brian Stewart, R, chairman of the House Finance Committee, said. “And I think to end up at the end of this process with a unanimous bipartisan vote in committee is pretty noteworthy.”
But not everyone was on board during the House’s vote.
While the bill received bipartisan support, 85 lawmakers voted in favor while 10 voted against it.
“A lot of the people that came in and said we’re concerned about this bill, they also said, ‘I’ve been defrauded as a recipient,’” Stewart said. “So, there’s…
Investment fraud targets the human desire for financial growth by promising high returns with “low to no risk.”
- Ponzi Schemes: Named after Charles Ponzi, these schemes pay “returns” to earlier investors using the capital brought in by newer investors. There is no actual underlying business; the system collapses when new recruitment slows down.
- Pyramid Schemes: Similar to Ponzi schemes, but participants are usually required to sell a product or service. The primary “profit” comes from the recruitment fees of new members rather than actual product sales.
- Pump and Dump: Fraudsters spread false, positive rumors about a cheap stock (the “pump”) to drive up the price. Once the price peaks, they sell their shares (the “dump”), leaving other investors with worthless stock.