Man agrees to plead guilty to embezzlement charge
Floyd Seibert was charged with draining millions from his corporation's benefit plans.
By CARRIE WEIMAR
Published September 14, 2006
TAMPA - A 60-year-old Indian Rocks Beach man has been charged with draining more than $3.85-million from the employee pension and medical plans of a home health care corporation he owned.
Floyd W. Seibert, who also lives in Bandera, Texas, has agreed to plead guilty to one count of embezzlement. He could get up to five years in prison, a fine of $250,000 and three years of supervised release when sentenced.
Seibert's case will now be transferred to Iowa, where he faces multiple charges of Medicare fraud. He also entered a plea agreement in that case, according to court documents.
"Mr. Seibert is hoping to put these matters behind him and move on with his life," said Frederick Robinson, Seibert's attorney.
Seibert was the owner of Central Home Care Services Inc., which has a home office in Largo. Most of his operation was based in Texas and Oklahoma, according to court documents.
Between April of 1999 and October of 2001, Seibert transferred funds from Central Home Care's pension and medical plans to a shell corporation, Health Care International Holdings, which was based in the British Virgin Islands, according to the plea agreement.
Money was exchanged for Health Care International bonds. However, the shell company had only $1,000 in assets.
Seibert created a fictitious person named Martin Mesquite to run the offshore company. He gave Mesquite the address of one of his siblings and the Social Security number of his father, who is deceased, the plea agreement said.
After transferring the money to the offshore company, Seibert moved it back into other companies he owned.
"Seibert stole millions of dollars in pension and health assets, jeopardizing the benefits of the company's workers and their families," said Ann L. Combs, assistant secretary of labor for the Employee Benefits Security Administration.
"Today's criminal action sends a clear message that theft of employee benefit plan assets is a serious crime that will be prosecuted to the full extent of the law," Combs said.
The case was handled by Assistant U.S. Attorney Jay G. Trezevant.
Carrie Weimar can be reached at 813 226-3416 or email@example.com.
[Last modified September 14, 2006, 01:12:27]
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