A Covington couple has pleaded guilty to a scheme that defrauded the Internal Revenue Service and participants in a medical reimbursement program out of more than $48 million.
53-year-old Denis Joachim pled guilty to conspiracy to commit money laundering; and 52-year-old Donna Joachim pled guilty to conspiracy to defraud the United States.
The couple's corporation, The Total Financial Group Inc., pled guilty to conspiracy and false statement counts.
The case was outlined in a Friday news release by the U.S. Justice Department, New Orleans-based U.S. Attorney Peter Strasser and other officials .
Prosecutors said the defendants marketed a phony supplemental benefits plan to employers to reimburse their employees for medical expenses such as insurance deductibles. But prosecutors said the couple used the fees they collected for personal expenses.