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Former National Century Financial Enterprises CEO Sentenced to 30 Years in Prison, Co-owner Sentenced to 25 Years in Prison for Conspiracy, Fraud and Money Laundering
Date:3/27/2009

cutives who violate the law, as well as investors' trust, can and will be held accountable for their illegal actions," said Acting Assistant Attorney General Rita M. Glavin. "The Department of Justice will continue to seek appropriate punishment, including jail time, for individuals who participate in financial frauds to the detriment of the investing public."

"Evidence showed that Poulsen knew the business model NCFE presented to the investing public differed drastically from the way NCFE did business within its own walls," U.S. Attorney Lockhart said. "Their actions were designed to hide a financial house of cards from investors, eventually costing investors $2 billion."

"When corporate officers elect to betray the public's trust for personal gain, the very core of how and why our corporate system operates is immediately and negatively impacted," Special Agent in Charge of the Internal Revenue Service's Criminal Investigation Division Jose A. Gonzalez said. "As signified by today's NCFE sentences, the IRS gives priority to investigations involving the alleged breach of the public trust by corporate officials at any level."

FBI Cincinnati Special Agent in Charge Keith L. Bennett noted the significant sentences imposed on both Poulsen and Parrett. "This should serve as a warning to those who might be tempted to manipulate the complexities of our financial systems to defraud others. The FBI stands ready to root out those who would do so, bring them to the judicial system and ensure they lose both their ill-gotten wealth and their freedom."

Witnesses testified at both trials that Poulsen, Parrett and other NCFE executives 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
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SOURCE U.S. Department of Justice
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