Florida insurance agency urges probe into Tampa senior living mismanagement
Florida's insurance agency is urging a criminal investigation into the mismanagement of a now-defunct Tampa senior living facility that allegedly deceived regulators about its poor financial condition before filing for bankruptcy.
After a yearlong examination of Tampa Life Plan Village's facility in North Tampa, Unisen Senior Living, the Florida Office of Insurance Regulation found nine 'significant and damning' violations of Florida law, according to a report released Monday.
Tampa Life's financial mismanagement ultimately forced more than 100 elderly residents to relocate, and many have yet to be reimbursed for tens of thousands of dollars they paid in entry fees, per court documents.
FLOIR claims Tampa Life and Big Rock Management Company, the managers of day-to-day operations at the facility, filed financial statements with material errors that misrepresented the facility's solvency during the three years they were in control, according to the report. In some cases, financial reports were never filed. Tampa Life purchased the facility, formerly University Village, out of bankruptcy in 2020 but struggled to revive operations, per the report.
University Village was the subject of a similar fraud investigation in 2015 before it filed for bankruptcy in 2016.
As financial challenges mounted in late 2023, Tampa Life engaged with potential buyers to sell the facility but with no success. Only 21% of the building was occupied, and the remaining residents were forced to relocate due to Tampa Life's inability to honor its financial obligations, FLOIR said in the report.
'The level of mismanagement in this case and pure lack of empathy and quality of care for Tampa Life's senior residents was unprecedented and shocking,' said Michael Yaworsky, Florida insurance commissioner.
Tampa Life owed approximately $130 million to creditors when it filed for Chapter 11 in April 2024, shortly after it notified FLOIR of its insolvency. A Tampa bankruptcy judge approved Tampa Life's plan to liquidate in December and the facility has since been permanently closed. Representatives for Tampa Life did not immediately respond to a request for comment.
Yaworsky referred the report to the Florida Department of Financial Services' bureau of criminal investigation. The agency stressed the need for greater legal authority to strengthen its oversight of assisted living facilities. The bankruptcy of University Village was foundational for legislative reforms in 2019 that expanded FLOIR's authority over senior living.
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