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Maryland doctor imprisoned for $16 million tax evasion

Cardiologist Pradeep Srivastava made a lot of money trading high-tech stocks during the 1998 and 1999 boom years. But the doctor from Potomac didn't tell the tax man, as a federal jury learned.

By 2000, when the market was tanking, Srivastava went down with it -- but he couldn't detail all of his losses on income tax returns and get some relief because he had hidden most of his gains from the government during the good times. If he hadn't made millions, how could he come back and say he'd lost them?

Rock. Hard place.

So the Potomac doctor filed a false tax return for 2000, too, as was disclosed during a trial in Greenbelt before U.S. District Judge Roger W. Titus, who on Wednesday sentenced Srivastava to 46 months in prison and ordered him to make restitution of $16 million.

Srivastava, 50, had offices in Greenbelt and Oxon Hill. According to trial testimony, he had understated his tax because of $164,756 in 1998 and $16,179,567 in 1999.

And how did the tax evasion come to light?

As part of a related case over fraudulent insurance bills.

In August 2007, Srivastava, 50, agreed to pay the United States $476,000 to settle claims that he fraudulently billed Medicare and the Federal Health Employees Health Benefits Program (FEHBP) for more than three years, including for services he did not provide and for services he billed at higher payment levels, according investigators and Assistant U.S. Attorney Thomas F. Corcoran, who handled the case.

-- Mary Pat Flaherty

By Mary Pat Flaherty  |  January 28, 2010; 1:54 PM ET
Categories:  From the Courthouse , Mary Pat Flaherty , Maryland  
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The guy is a filthy crook. I hope he is bankrupted.

Posted by: jabreal00 | January 28, 2010 3:27 PM | Report abuse

What happened to the hippocratic oath to heal others not become well healed.

I bet there is more to the story with this much money involved in the tax scheme.

How did we come to accept gray instead of black and white.

Posted by: carlcimino | January 28, 2010 7:36 PM | Report abuse

Hope he's a better doctor than tax cheat.

Posted by: waterfrontproperty | January 28, 2010 10:33 PM | Report abuse

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