Health Care Exec Guilty In $1.9B Fraud Case

[OhioChick]

Poulsen Guilty Of Multiple Charges

POSTED: 4:31 pm EDT October 31, 2008
UPDATED: 4:46 pm EDT October 31, 2008

COLUMBUS, Ohio -- A federal jury in Ohio has convicted a former health care financing executive in a $1.9 billion fraud case likened to the Enron or WorldCom scandals.

Lance Poulsen was found guilty Friday on multiple fraud charges. The 65-year-old Poulsen was the founder and former chief executive of National Century Financial Enterprises.

Prosecutors said that Poulsen fabricated data, moved money between accounts to hide shortfalls and misled the investors who funded his business model.

Poulsen had testified he did nothing illegal and was guilty at most of overseeing a company that might have grown too fast.

His attorneys plan an appeal.

At least nine former National Century executives have been convicted of corporate fraud related to the case.

http://www.newsnet5.com/health/17859980/detail.html