WL pharmacy owner admits $3.5+ million fraud

WEST LAFAYETTE, Ind. (WLFI) - A plea agreement allows the former owner of a West Lafayette pharmacy to avoid prison.  But he must pay back more than $3.5 million and give up his prized baseball card collection.

Family Pharmacare in West Lafayette off Sagamore Parkway was the target of a raid by federal agents in November 2011.  The owner, Chad Shedron, defrauded Medicaid of more than $3.5 million.

The raid was a surprise to surrounding businesses and even customers at the time.  Federal agents said little about why they were there.

Court documents show in May, Shedron pleaded guilty to two counts in federal court, the Medicaid fraud and income tax evasion.  If convicted, he faced up to 15 years in prison.

Last week, a federal judge accepted the plea.
    
In exchange for no jail time, Shedron must refund the entire amount he defrauded Medicaid, $3,521,961.22.  He must forfeit two vans and 13 pieces of female jewelry worth more than $80,000, including a $23,000 diamond ring. 

Six pages of documents detail a baseball and football card collection worth $217,000 he also must forfeit.  The collection includes a Mickey Mantle card valued at $11,800, a Jackie Robinson card valued at $3,600 and a Ted Williams rookie card worth $1,800.

Shedron also agrees to pay back taxes and penalties to the IRS for $527,000 of income he hadn't disclosed between 2007 and 2010, including $189,009 in 2007.

Finally, Shedron is not allowed to ever be a provider and participate in any federally funded health services like Medicaid or Medicare.

In November, when NewsChannel 18 reached Chad Shedron over the phone, he declined an interview request.  That number has since been disconnected.