Seven former National Century execs indicted

[Judi Lynn]

Seven former National Century execs indicted
By Dan Wilchins
27 minutes ago

NEW YORK (Reuters) - A federal grand jury has indicted the former chief executive and six others at National Century Financial Enterprises, a bankrupt health-care finance company, for engineering a $3 billion fraud, prosecutors said on Monday.

The 60-count indictment accuses the defendants, including former Chief Executive Lance Poulsen, of lying to investors about how their funds would be used. The charges include conspiracy, fraud and promotion of money laundering.

"Executives bilked investors by building a financial house of cards with deception, sleight-of-hand financing and accounting misdeeds," said Gregory Lockhart, U.S. Attorney for the Southern District of Ohio, in a statement.

The criminal charges were filed five months after a U.S. Securities and Exchange Commission civil lawsuit against three National Century executives.
(snip/...)

http://news.yahoo.com/s/nm/20060522/ts_nm/financial_nationalcentury_indictment_dc;_ylt=A9G_Rx5B.XFEihgAAhNZ.3QA;_ylu=X3oDMTA5aHJvMDdwBHNlYwN5bmNhdA--

[merh]

1. Business as usual ....

...Before his downfall last month, Lance Poulsen, former CEO of National Century Financial Enterprises, was flying high. He ran a lucrative health care finance firm. He hosted charity fundraisers at his waterside villa in Port Charlotte, Fla. He hobnobbed with Republican politicians, including Florida Gov. Jeb Bush, and he sailed often to the Bahamas on his $2 million yacht, The Enterprise. (Background: Lawsuits claim massive money mismanagement)

http://www.usatoday.com/money/industries/health/2002-12-17-poulsen_x.htm

[WhiteTara]

2. I hope they get a bull dog of a prosecutor

that works them into the prison. Sean Berkowitz in Houston is doing a great job on the Enron crooks. I hope these fat bastards get the full wringer. :grr:

As an afterthought...this is one more reason we need single payer insurance and non profit health care.

[seafan]

3. Former National Century execs charged in $3B case

Former National Century execs charged in $3B case

5/22/2006 10:38 PM ET
By Edward Iwata, USA TODAY

In what the FBI calls its largest investigation ever of a privately held company, seven former executives of National Century Financial Enterprises in Dublin, Ohio, were charged in a $3 billion accounting scheme, an indictment unsealed Monday says.

Lance Poulsen, the 62-year-old former CEO of National Century, was charged with 47 counts of securities, wire and mail fraud and money laundering.
Before the company's sudden financial collapse in 2002, Poulsen was a well-known figure in Florida business and political circles, hosting fundraisers and hobnobbing with Florida Gov. Jeb Bush.

The 60-count indictment, handed up by a grand jury in Columbus, Ohio, also charges: Rebecca Parrett, National Century's former treasurer; Donald Ayers, the company's former chief operating officer; Randolph Speer, former chief financial officer; former director Roger Faulkenberry; and former vice presidents James Dierker and Jon Beacham.

The indictment follows a four-year investigation of health care finance firm National Century by the FBI, the Postal Service, the IRS, the Bureau of Immigration and Customs Enforcement and local law enforcement agencies.
Gregory Lockhart, the U.S. Attorney in Columbus, said the executives "bilked investors by building a financial house of cards with deception, sleight-of-hand financing and accounting misdeeds."

snip

[Robbien]

4. The Bush family weeps

All the jets, money, vacations, campaign support, all gone.

Mr. Poulsen how do you sleep at night?