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Arizona Magazine Publisher Launders $3 Million for Alleged Medicare/Medicaid Scam

by Andrew Barr on January 31, 2011

Former publisher of six different Glendale, AZ magazines, Navasard Petrosyan, was sentenced to 2.5 years in prison for his role in an alleged Medicare/Medicaid Scam. Between 2002 and 2007, Petrosyan laundered $3 million for different Medical businesses including Apollo Diagnostic Ultrasound, Ruz Inc., Intymak Medical and Dr. Peter Shrier. The Medical businesses allegedly used this money to pay kickbacks for Medicare/Medicaid patient referrals and others. Petrosyan wrote checks to himself from the medical businesses, claimed the money as advertising expense on their tax returns, cashed the checks, and then gave the money back to the companies to pay kickbacks and referral fees. The returned cash was never reclaimed as revenue by the medical businesses. Petrosyan claimed his “cuts” as “Advertising revenue” when in fact it wasn’t legitimate revenue at all. He was charged in June 2010 and pleaded guilty in August 2010.

Read the full story here.

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