Not-for-profit conversion gone wild.

A report in today's Baltimore Sun says that federal investigators have subpoenaed records of CareFirst BlueCross/BlueShield in connection with the aborted attempt by Maryland's largest health insurer and its officers to convert the company to a for-profit corporation and sell itself to WellPointHealth Networks in California. The 15-page subpoena is directed at CareFirst, the Maryland Insurance Administration, and the law firm that represented CareFirst and its CEO. The federal probe follows upon the heels of a 352-page report by Maryland Insurance Administration Commissioner Steven B. Larsen in March, which accused the CEO and others officers of CareFirst of deception, conflicts of interest, mismanagement and flagrant attempts to profit personally from the proposed sale.