Former Zynex, Inc. Executives Charged with Health Care and Securities Fraud and Related Offenses

www.Justice.org, Press Release, January 21, 2026

PROVIDENCE – A federal grand jury in Rhode Island has returned an indictment, unsealed today, charging the former Chief Executive Officer and Chief Operating Officer of Zynex, Inc., a medical device company, with conspiracy to commit health care fraud, securities fraud, and mail fraud, among other violations.

Thomas Sandgaard, 67, a resident of Castle Rock, Colorado and a dual citizen of the United States and Denmark, and Anna Lucsok, 39, a resident of Denver, Colorado and a dual citizen of the United States and the Ukraine, were indicted on one count of conspiracy to commit health care fraud, mail fraud, and securities fraud; nine counts of health care fraud, two counts of mail fraud and three counts of aggravated identity theft, announced United States Attorney Charles C. Calenda.

The indictment alleges that from at least 2017 through late 2025, Sandgaard and Lucsok orchestrated a scheme to fraudulently obtain millions of dollars from government and private health care payors and patients, and to defraud investors in Zynex by concealing that the company’s billings and revenues were driven by fraud.

In total, Sandgaard and Lucsok caused Zynex to collect more than $873 million for its products, including more than $600 million for supplies. The vast majority of the supplies’ billings were unnecessary and improperly billed. The indictment alleges that supplies were shipped in excessive volumes, sometimes as large as 32, 64, or 128 electrode pairs per patient each month. Sandgaard and Lucsok used these fraudulent billings, and the revenues derived from them, to fraudulently inflate the company’s financial reporting and drive up the stock price of Zynex. Continue Press release