One of the 12 failed co-ops created under Obamacare is now under investigation by regulators after the co-op was found to have downplayed its poor financial condition in official filings, the Daily Caller reported.

The New York State Department of Financial Services (NYDFS) found that the Health Republic of New York co-op’s “financial condition is substantially worse than the company previously reported in its filings.”

“Among other issues, the investigation will examine the causes of the inaccurate representations to NYDFS regarding the company’s financial condition,” they said.

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