Former execs at Colorado-based Zynex Inc. charged in health care fraud
Former Colorado Medical Device Company Executives Charged in $800 Million Fraud Scheme
Two former executives at a Colorado-based medical device company have been indicted for allegedly orchestrating a massive health care fraud scheme that brought in over $800 million. The U.S. Attorney’s Office announced that Thomas Sandgaard, 67, of Castle Rock, and Anna Lucsok, 39, of Denver, are facing charges including health care fraud, securities fraud, and mail fraud.
Sandgaard and Lucsok were the CEO and COO, respectively, of Zynex Inc., a company that produces medical devices for pain management and rehabilitation. The indictment states that from 2017 to 2025, they engaged in a scheme to defraud government and private health care payors, patients, and investors by inflating the company’s revenues through fraudulent billing practices.
The executives allegedly collected over $873 million for their products, with more than $600 million coming from supplies. By shipping excessive volumes of devices to patients each month, they artificially boosted the company’s financial performance and stock price.
When questioned by financial journalists about their business practices, Sandgaard reportedly hired individuals to harass the reporters. This included signing them up for therapy sessions and sending inappropriate items to their homes.
Zynex filed for Chapter 11 bankruptcy in December, revealing assets of $45 million and debts exceeding $86 million. Company representatives have not commented on the charges.
Sandgaard, a U.S. and Denmark citizen, has a background in sports ownership, including a football club in London and a hockey team in Denmark. Lucsok holds dual citizenship in the U.S. and Ukraine.
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