Ohio Health Care Executive Convicted In $1.9 Billion Fraud

Lance K. Poulsen, 65, the former founder and CEO of Ohio-baseed National Century Financial Enterprises, was found guilty on multiple fraud counts involving his company. According to prosecutors, Poulsen fabricated data, transferred funds between accounts to hide shortfalls and misled the investors. The case against him was bolstered by testimony from company compliance officer, Sherry Gibson, who said she had falsified records at Poulsen's request, along with providing other damning evidence. Prosecutors said at the direction of Poulsen, the company advanced $2.2 billion to six companies in which Poulsen owned a stake. He faces 30 years to life in prison if convicted. Poulson is currently serving 10 years in prison for his conviction on a criminal charge of tampering with a witness.

See background on the story here, here, here and here.

See the SEC complaint here.

Read the DOJ announcement here.

This is financial statement fraud on a massive scale. I hope they throw the book at him...