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WellCare settles SEC accounting probe

Wall Street Journal, May 19, 2009

WellCare Health Plans Inc. resolved an informal Securities and Exchange Commission probe of its accounting with an agreement to pay about $10 million plus interest. "We are pleased that this matter has been resolved," said General Counsel Thomas F. O'Neil III. Last summer, the WellCare board determined the company should restate financial statements to correct errors related compliance with refund requirements in certain contracts. Earlier this month, WellCare agreed to pay $80 million to settle Medicaid-fraud probes by the U.S. Attorney's Office for the Middle District of Florida and the Florida Attorney General's Office.