Canopy Financial Group

Founded in 2004, Canopy Financial, Inc. aimed to provide technology-based solutions for the healthcare finance market, specializing in software and services for administering Health Savings Accounts (HSAs) and Health Reimbursement Arrangements (HRAs). The company attracted over $85 million in venture capital by claiming to have revolutionary technology and significant contracts. However, in November 2009, the U.S. Securities and Exchange Commission (SEC) charged the company and its executives with orchestrating a massive fraud, revealing that its revenues and assets were almost entirely fabricated. The firm subsequently filed for bankruptcy and its assets were liquidated.