TL/DR –
Patrick Alan Bucknum, the CEO of Community Clinic Network (CCN), was sentenced to four years in federal prison for embezzling $30 million from the company over six years. Bucknum siphoned funds from CCN’s main account into his personal ETrade account, with intentions of trading stocks and options for personal profit, despite having no prior trading experience. He was ordered to pay restitution totaling $24,368,427.37 along with surrendering numerous high-value items, and will spend three years under supervised release after completing his prison sentence.
CEO of Health Care Management Company Jailed for Embezzlement
The former CEO of Community Clinic Network (CCN), a company responsible for managing health care payment contracts, has been sentenced to four years in federal prison. Patrick Alan Bucknum was found guilty of embezzling approximately $30 million over six years.
Bucknum initiated a scheme in April 2017 to transfer money from CCN’s main checking account into his personal ETrade account. His goal was to use embezzled funds for trading stocks, options, and exchange-traded funds, and then return the initial amount, keeping any profits.
Falsified financial records and real transfers were used to disguise these illegal distributions. Bucknum also held positions as CFO and COO at CCN, an organization owned by four Medicaid-funded clinics that manage payments for 11 clinics in Washington.
Despite having no prior experience in trading, Bucknum embarked on a risky strategy heavily influenced by social media. Unfortunately, his aggressive trades led to significant losses, resulting in further embezzlement attempts in a bid to recover losses.
Bucknum embezzled around $30.4 million between 2017 and 2023, returning only $7.4 million back to CCN. The net loss for CCN, which manages contracts for 11 health care organizations with 250 clinics, amounted to over $23 million.
Besides risky trading, Bucknum used embezzled funds for personal expenses, including purchasing vehicles such as a 2024 Chevy Silverado pickup, a 2021 Tesla Model 3, a boat, and $1.2 million worth of gold coins.
Despite acknowledging the “insurmountable” trading losses by 2019, Bucknum did not come clean. He continued his deceitful actions until resigning in October 2024, admitting to a loss of around $20 million of CCN’s money.
Following the sentencing, Bucknum was ordered to pay restitution of nearly $24.4 million and forfeit all purchased assets, including the pickup truck, Tesla, boat, and gold coins, to the federal government. He will also spend three years under supervised release after his prison term.
W. Mike Herrington, the special agent in charge of the FBI’s Seattle field office, condemned Bucknum’s abuse of trust, pledging the FBI’s continued commitment to pursuing fraudsters.
For further reading, visit The Spokesman-Review or check out more articles distributed by Tribune Content Agency.
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