Former National Century Financial Enterprises CEO Convicted of Conspiracy, Fraud and Money Laundering
WASHINGTON – A federal jury today convicted Lance K. Poulsen, former president, owner and chief executive officer of National Century Financial Enterprises (NCFE) of conspiracy, fraud and money laundering, Acting Assistant Attorney General Matthew Friedrich of the Criminal Division and U.S. Attorney Gregory G. Lockhart for the Southern District of Ohio announced. The charges stemmed from a scheme to deceive investors about the financial health of NCFE that cost investors more than $2 billion. The company, which was based in Dublin, Ohio, was one of the largest healthcare finance companies in the United States until it filed for bankruptcy in November 2002.
The Columbus, Ohio, jury convicted Poulsen, 65, after a four-week trial on all 12 charged counts contained in a July 2007 superseding indictment, including one count of conspiracy, six counts of securities fraud, one count of wire fraud, one count of money laundering conspiracy and three counts of concealment money laundering.
At trial, witnesses testified that Poulsen engaged in a scheme from 1995 until the collapse of the company to deceive investors and rating agencies about the financial health of NCFE and how investors’ money would be used. NCFE bought accounts receivable from healthcare providers using money NCFE obtained through the sale of asset-backed notes to institutional investors, including pension funds, insurance companies and churches. More...
The Columbus, Ohio, jury convicted Poulsen, 65, after a four-week trial on all 12 charged counts contained in a July 2007 superseding indictment, including one count of conspiracy, six counts of securities fraud, one count of wire fraud, one count of money laundering conspiracy and three counts of concealment money laundering.
At trial, witnesses testified that Poulsen engaged in a scheme from 1995 until the collapse of the company to deceive investors and rating agencies about the financial health of NCFE and how investors’ money would be used. NCFE bought accounts receivable from healthcare providers using money NCFE obtained through the sale of asset-backed notes to institutional investors, including pension funds, insurance companies and churches. More...
JPMorgan and CITI were found GUILTY of contributing to the ENRON PONSI SCHEME.
ReplyDeleteJPMORGAN CHASE and CITI PAID GOVERNMENT SETTLED AGREEMENTS FOR FRAUD in our nation's “LARGEST ‘PRIVATE’ FINANACIAL FRAUD CASE “ in our history! National Century Financial Enterprises, Inc. (NCFE) Federal prosecutors proclaimed “no one has ever heard of” this case.
(Case ended 2008)
FEBRUARY ‘09, ‘Credit Suisse Securities LLC has asked the court overseeing litigation over the collapse of health care lender National Century Financial Enterprises Inc. to sanction Lloyds TSB Bank PLC for allegedly hiding a deal with Moody's Investor Services Inc…’
The last trial in the “LARGEST ‘PRIVATE’ FINANACIAL FRAUD CASE “in our history, the one and only executive, James K Happ gets his acquittal. According to the jurors, “The PROSECUTOR did not do his JOB!”
James K Happ, was the CFO at Richard Rainwater's Columbia Homecare Group prior to arriving at National Century Financial Enterprises, Inc. (NCFE)
As CFO at Columbia Homecare Group, Mr. James K. Happ was responsible for divesting the ‘losing assets’ of a publicly traded company’s homecare segment via NCFE's financing.
The alleged divestiture was a sale to a 'PRIVATE' company, Medshares, Inc. Medshares was already under investigation for MEDICARE/MEDICAID FRAUD. Six months or so later, the LARGEST CORPORATE BANKRUPTCY ever filed in Memphis, TN was filed by Medshares, Inc. in 1999. FRAUD was an outcry by many lawyers in this bankruptcy court only to be warned by the JUDGE not to use the "F" word in her court.