“I am a Changed Man”
Panos might have needed the money.
According to published reports, in 2009 Panos invested $1.215 million in a real estate project that went into default after project managers were convicted of cooking the books. In a lawsuit against the developers, Panos claims he lost his entire investment.
After his guilty plea, the court ordered him to forfeit $5 million in ill-gotten gains. As of November 2017, he still reportedly owed $1.3 million.
Before he was sentenced to prison Panos acknowledged guilt and remorse in a five-page letter to U.S. District Judge Nelson S. Roman in which he took full responsibility for his crimes.
“I have learned from my mistakes and I am a changed man,” he told the judge. “I have been atoning for my sin for the past three years and will continue to do so for the rest of my life.”
“I did this out of greed and insecurity,” he wrote. “I wanted the practice to succeed because I was invested financially and emotionally in its success.”
He said his conduct ruined his career, caused him to lose the trust of many people, embarrassed his family and community and has created ripple effects that will last a lifetime.
“My inability to practice medicine,” Panos said, “has been devastating to me.”
Before joining the Mid-Hudson Medical Group, Panos was a fellow in sports medicine at the Human Performance and Sports Medicine Center of Graduate Hospital in Philadelphia. He graduated City University and received his medical degree with honors from the Albert Einstein College of Medicine.
He was fired from the medical group in 2011 for not meeting the group’s “professional standards.”
Read the previous OTW story on Panos, here.
Current Charges
In the current case, Panos is being charged with three counts.
The first charges him with wire fraud, which carries a maximum sentence of 20 years in prison and a maximum fine of $250,000 or twice the gross gain or loss from the offense.
The second count charges him with health care fraud, which carries a maximum sentence of 10 years in prison and a maximum fine of $250,000 or twice the gross gain or loss from the offense.
The third count charges him with aggravated identity theft, which requires a two-year prison term to be served consecutive to a sentence imposed for the wire and health care fraud charges.
