Con man busted in $24M med mal scam

In Atlanta, a man has pled guilty to selling $24 million worth of fake medical malpractice insurance to providers around the country. William A. Ledee III claimed to operate an insurance business, Professional Liability Insurance Co., complete with totally fictitious financials. Apparently, Ledee is a career financial criminal. Prior to pleading guilty on these charges, Ledee already boasted a long list of prior fraud and money laundering charges, the most recent for routing $10 million from a bank account in Bermuda into accounts in George and elsewhere. As part of his agreement with the United States, Ledee is forfeiting more than $10 million in cash and real estate. What's not immediately known is how many physicians were harmed by Ledee's shenanigans, and what losses they may have suffered.

- check out this article in the Atlanta Business Chronicle