Money In Chicago Health Savings Accounts Company Disappears
Federal investigators are looking into complaints that money put aside by consumers in health savings accounts has disappeared.
NPR: "Thousands of people are learning that money they squirreled away in health savings accounts is gone. Many thought the money was sitting safely in banks. But now it appears it was stolen. Federal investigators have released few details, but all the cases have one thing in common: a Chicago company called Canopy Financial. Now critics are questioning whether more government oversight is needed for the accounts. ... No charges have been filed against Canopy executives related to the missing HSA money [but] charges have been brought in a related investment fraud case."
"This case has prompted some tough questions about HSAs. How could this money just disappear? Who was monitoring Canopy Financial? Some people are saying more government regulation is needed" (Brady, 2/19).