This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

PANAMA CITY, Fla. (WMBB) — Two Miami men, accused of a widespread fraud scheme that put a local hospital out of business, will be going to prison.

A federal jury in Jacksonville convicted 62-year-old Jorge Perez and 59-year-old Ricardo Perez last month.

Their company, Empowerhms, bought 18-financially troubled rural hospitals in 8-states including the 25-bed Campbellton-Graceville Hospital, then used them to fraudulently bill insurance companies for lab testing.

They stole approximately $1.4 billion. The men are guilty of conspiracy to commit healthcare fraud, five counts of healthcare fraud, wire fraud, and conspiracy to commit money laundering of proceeds greater than $10,000.

Stay updated with the latest news, weather, and sports by downloading the WGNO app on the Apple or Google Play store and subscribing to the WGNO newsletter.

They face up to 100 years in prison on the healthcare fraud counts alone. Their sentencing date has not been set.

Campbellton-Graceville Hospital shut down in 2017 after filing for bankruptcy. Northwest Florida Community Hospital in Chipley reopened it in 2018 as an urgent care clinic.