Two National Century Financial Enterprises executives were sentenced to 30 and 25 years on Friday
Two National Century Financial Enterprises (NCFE) executives were sentenced to 30 and 25 years in district court in Columbus, Ohio on Friday for their roles in the failed healthcare finance company’s failure. NCFE was one of the largest healthcare finance companies in the United States until it filed for bankruptcy in November 2002.
Lance K. Poulsen, 65, former president, owner and chief executive officer of NCFE was sentenced to 30 years in prison and three years of supervised release following the prison term. A federal jury convicted Poulsen on Oct. 31, 2008, of conspiracy, securities fraud, wire fraud and money laundering. Poulsen was also found guilty by a federal jury on March 26, 2008, of conspiring to interfere with a witness who was preparing to testify in the fraud trial against Poulsen and other NCFE executives. He is currently serving a 10-year prison sentence for that conviction. The court ordered Poulsen’s 30-year sentence to be served concurrently with the 10-year sentence for witness tampering.
Rebecca S. Parrett, 60, former vice chairman, secretary, treasurer, director and owner of NCFE was sentenced to 25 years in prison and three years of supervised release following the prison term. A federal jury convicted Parrett on March 13, 2008, of conspiracy, securities fraud, wire fraud and money laundering. Parrett fled after the conviction and remains at large.
U.S. District Court Judge Algenon Marbley ordered Poulsen and Parrett to forfeit $1.7 billion of property representing the proceeds of the conspiracy and to pay restitution of $2.3 billion.
Gillen, Withers & Lake, LLC, partner, Craig A. Gillen, was lead trial counsel for James K Happ, who was the seventh former NCFE executive to go to trial, and the only defendant found not guilty. Four other NCFE executives entered guilty pleas.
