Failed Iowa entrepreneur awarded $112 million for Obamacare co-ops

By Richard Pollock

Published March 26, 2013 4:00am ET

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Failed Iowa entrepreneur awarded $112 million for Obamacare co-ops — Stephen Ringlee is chief financial officer and a co-founder of CoOpportunity Health, an Ames, Iowa-based health insurance provider that received $112 million loan from the federal government under the Obamacare program. (CoOportunity Health photo)

Federal officials awarded $112 million to fund new Obamacare health insurance cooperatives in Iowa and Nebraska to a group whose politically connected chief financial officer recorded at least three business flops since 2009.

CoOportunity Health, an Ames, Iowa, group founded by CFO Stephen Ringlee, received the federal funds as a tax-free loan from the Center for Consumer Information and Insurance Oversight in the U.S. Department of Health and Human Services.

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