Courtesy Law.com
A federal jury in Ohio on Friday convicted the former CEO of a failed health care financing company in a $1.9 billion fraud case that prosecutors likened to the Enron or WorldCom scandals.
Lance Poulsen, 65, founder of National Century Financial Enterprises, was accused of fabricating data, moving money between accounts to hide shortfalls and misleading investors who funded his business model.
He had been on trial for the past month on charges of securities fraud and money laundering. He was convicted on all 20 counts.
His attorneys said they will file an appeal. Poulsen faces up to 135 years in prison, although his actual sentence will likely be shorter under federal-sentencing guidelines. No sentencing date was set.
In closing arguments Thursday, U.S. trial attorney Leo Wise called the case one of the largest frauds ever investigated by the FBI.
Poulsen, who was convicted in March and sentenced to 10 years in prison for attempting to bribe a witness, characterized himself as a rags-to-riches success story whose legitimate business was destroyed by the government.
Poulsen remains disappointed that U.S. District Court Judge Algenon Marbley allowed jurors to hear evidence of Poulsen’s bribery conviction, defense attorney Pete Anderson said Friday.
Anderson said that information should have been excluded under rules of evidence. It’s always a risk when a jury learns of a previous conviction, he said.
Prosecutors declined to comment.
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Sen. Tom Coburn (R-OK) has done it again.
