While patients were left in understaffed hospitals and communities watched their local medical centers shut down, the man who once ran Steward Health Care was allegedly enjoying luxury ranches, yachts, and international equestrian events.
Ralph de la Torre, the founder and former CEO of the once-powerful hospital network, is now at the center of a major lawsuit.
The company he helped build is accusing him of draining it dry for his own personal gain.
The Lawsuit That’s Shaking the Healthcare Industry
Steward Health Care has taken a bold step by filing a lawsuit against its ex-CEO, labeling him as “greedy” and holding him responsible for orchestrating the financial downfall of the hospital chain.
According to newly submitted court documents, de la Torre is accused of siphoning off hundreds of millions of dollars, a scheme that, Steward argues, directly led to its bankruptcy.
A Pattern of Waste and Reckless Spending
The hospital chain’s legal filing outlines a staggering picture: $262 million allegedly defrauded from the company and another $1.1 billion wasted on overpriced acquisitions—particularly in Florida.
According to Steward, these decisions weren’t made for the good of the business or its patients, but rather to feed de la Torre’s ambition to build a sprawling hospital empire, regardless of the financial risk.
One such example was paying around $200 million more than the actual value for certain facilities.
Trying to Recover What Was Lost
After officially filing for bankruptcy in 2024, Steward is now under the control of a court-appointed administrator.
The company is doing everything it can to claw back some of the lost money in hopes of easing its enormous debts.
The allegations go beyond bad business moves—Steward claims its former leadership acted in bad faith, enriching themselves at the expense of patients, communities, and employees.
Profits for Executives, Losses for Everyone Else
One of the most shocking revelations in the court documents is that de la Torre and his team awarded themselves a $111 million dividend in 2021.
This happened even though the internal signs of financial trouble had been flashing red since 2016.
Steward says that while executives were cashing in, the hospitals were underfunded and on a path to insolvency.
A Legacy Turned Tragedy
When de la Torre launched Steward Health Care in Boston in 2010, the mission was clear: create a robust network of private hospitals.
And for a time, it worked.
Steward rapidly grew into the largest private, for-profit hospital operator in the U.S., owning 30 hospitals across eight states.
But that growth quickly became unsustainable, spiraling into financial ruin and ultimately bankruptcy in May 2024.
Hospitals Shut Down and Communities Affected
The fallout from Steward’s collapse has been devastating for patients and employees alike.
Two hospitals in Massachusetts—Carney Hospital in Dorchester and Nashoba Valley Medical Center in Ayer—have already been closed.
An additional six have been sold as part of the company’s bankruptcy process.
A Life of Excess Uncovered
Meanwhile, new financial disclosures unearthed by The Wall Street Journal paint a damning picture of de la Torre’s personal spending.
Since taking majority control of the company in 2020, he reportedly received at least $250 million in payments.
That money allegedly funded a lifestyle most can only dream of—like a $7.2 million ranch in Waxahachie, Texas, a 190-foot yacht worth $40 million, and an 11,000-square-foot mansion in Dallas valued at over $7 million.
Public Outrage and Political Response
The backlash has been swift and fierce.
Massachusetts Governor Maura Healey didn’t mince words when reacting to the situation.
Highlighting how de la Torre was spotted enjoying Olympic equestrian events in Versailles amid the company’s collapse, Healey slammed him for profiting while others suffered.
“He basically stole millions out of Steward on the backs of workers and patients,” she said.
“I hope he gets his just due.”
What Comes Next?
As the lawsuit moves forward and federal investigators dig deeper, the future of Ralph de la Torre’s fortune—and his freedom—hangs in the balance.
For the communities affected by Steward’s downfall, the road to recovery will be long.
What’s certain now is that this case is becoming a defining moment in the conversation about greed, accountability, and the fragile state of America’s healthcare system.