Dr. Akshay Desai

It's official, if anyone was in doubt: A federal grand jury is investigating three former top executives of Universal Health Care, a now-defunct Medicare-plan company in St. Petersburg.

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Tampa Bay Times

The trustee that’s handling the Universal Health Care bankruptcy case says Dr. Akshay Desai illegally diverted $100,000 in company money to Wake Forest University as the insurer was crumbling, the Tampa Bay Times reports. 

Universal Health Care executives overstated assets and submitted "misleading financial statements" to the state and a major creditor, according to state documents released Thursday by the Office of Insurance Regulation.

Meanwhile, Universal's founder, president and CEO, Dr. Akshay "A.K." Desai,  has resigned his post as finance chairman for the Republican Party of Florida.