- FBI raids Houston-based Health Matching Account Services (HMA) over alleged fraud.
- Company promised “ultimate medical savings product” but customers faced difficulties in claims payment and contract terms.
- Attorney Alex Loftus filed a class action lawsuit against HMA, alleging false promises and financial mismanagement.
- HMA claimed to double customer contributions over time, but critics say only minimal funds were paid out.
FBI Raids Houston Health Savings Company Over Alleged Fraud
On Thursday, a team of FBI agents conducted a raid at the offices of Health Matching Account Services (HMA), a Houston-based company accused of defrauding thousands of customers. The investigation was initiated after KHOU 11 Investigates first exposed consumer complaints against HMA in February.
HMA’s Promises and Realities
According to its now-shut-down website, HMA marketed itself as the “ultimate medical savings product” designed for individuals looking to cover bills not covered by insurance. The company promised that if customers made monthly contributions into their account, the money would be doubled over time.
However, many customers reported difficulties in receiving claims payments and felt trapped due to contract terms that stated failure to pay monthly contributions could result in termination of the account balance. Alvaro Ledesma, a customer who lost nearly $5,000, said, “They’re just forcing you to do something that you don’t want to do.” (Ledesma)
Legal Challenges and Employee Cooperation
Alex Loftus, a Chicago-based attorney, filed a class action lawsuit against HMA for allegedly false promises. He states that the company only paid out minimal amounts compared to what customers contributed. “There were approximately 40,000 customers in HMA,” Loftus noted, “That would mean $200 million went into HMA, of which very little apparently was paid out in claims.” (Loftus)
Loftus worked closely with federal law enforcement and received assistance from an insider who provided the keys to the facility for the FBI raid. This cooperation led to the seizure of boxes of files, computers, and other evidence from HMA’s offices.
FBI Involvement and Customer Hope
The involvement of the FBI gives customers renewed hope that they may recover some of their funds. “Before I had doubt,” said Ledesma, “Now I’m hoping yes.” (Ledesma) The raid marks a significant step in investigating HMA’s practices and may lead to substantial legal action.
For now, HMA has not responded to KHOU 11 Investigates’ requests for comment. However, the company previously denied the allegations in the civil lawsuit and vowed to defend itself vigorously in court. (KHOU 11 Investigates)
The raid by the FBI underscores the importance of thorough due diligence when choosing financial products, especially those involving medical savings accounts. The case highlights potential risks associated with such services and the critical role played by investigative journalism and legal action in uncovering and addressing fraudulent practices.
