Indictment: Former Spectranetics execs imported unapproved devices

Three former executives of Spectranetics, a Colorado Springs medical equipment maker, have been indicted for allegedly importing unapproved medical devices.

Among those named in the indictment is former company CEO John Schulte, who resigned nearly two years ago. Obinna "Larry" Adhigije, who was the company's VP of business development and Trung Pham, who was the business development manager, also are named in the indictment, the Colorado Springs Gazette reports. The three face charges on 12 counts, including conspiracy to defraud the federal government, lying to investigations and import violations.

Schulte was arrested and appeared in federal court Monday in Massachusetts, where he lives, the Gazette reports. A consultant, Hernan Ricaurte, also is named in the indictment; he is currently out of the country. All face up to 20 years in prison and fines of up to $250,000.

The indictment also alleges that the defendants concealed their actions not only from the FDA and the Department of Homeland Security, but also from internal investigators at Spectranetics, according to the Denver Post.

Last December, Spectranetics settled a case with the Justice Department that accused it of illegally importing unapproved medical devices. The company paid $5 million to avoid criminal prosecution, the Denver Business Journal reports. The company was not named in Monday's indictment against the former executives.

- see the Colorado Springs Gazette's report
- read the Denver Business Journal's coverage
- get more from the Denver Post