AMERICA's MOST WANTED? Think we need to dig deeper.....

This is not the FULL STORY EITHER!!!!


http://www.amw.com/fugitives/case.cfm?id=55267


Investors Bilked Out Of Billions In Corporate Collapse

Rebecca Parrett is a mother and grandmother. She has homes in both Arizona and Ohio.


View Larger From 1992 to 2002, federal authorities say that the executives of National Century Financial Enterprises played an elaborate shell game with billions of dollars of other people's money.

Cops say National Century built their business plan around a need in the health care financial community: using investors' capital, NCFE bought accounts receivables from hospitals and medical services firms for less than their collection value. This gave the medical community immediate cash flow and allowed for hospitals and such to continue to operate profitably without waiting for insurance claim settlements.

Then, NCFE made a profit when the insurance claim came in. At that time, NCFE divided the surplus between the investors and their company.

Prosecutors say it's a good business plan, but NCFE executives didn't follow it. They say they combined the theories of a Ponzi scheme, fraud, reporting false profits to the SEC and other watchdogs, and plain old embezzlement to keep the company and its executives afloat for ten years.

In 2002, an anonymous whistleblower contacted a bond rating firm to warn them of the company's precarious financial situation, and it resulted in a downgraded rating on the investment. Eventually, it caught the attention of the federal government, and in November 2002, the FBI raided the NCFE offices in suburban Dublin, Ohio. Two days, later the company filed for bankruptcy protection.


The FBI compares it to the more notorious collapses of publicly-held companies Enron and Worldcom.
Victims Widespread And Many

Parrett has a tattoo of a parrot on her upper left shoulder.
View Larger When salvage accountants came in to recover the company from what agents call "a collapsing house of cards," they only found around $900 million in assets but more than $3 billion in outstanding bonds.

The collapse of National Century Financial Enterprises meant 350 employees lost their jobs. It also meant that the 275 health care companies that they bought accounts receivables from also collapsed: those clients included hospitals and medical practices. For example, two hospitals in Washington, D.C. -- Greater Southeast Community Hospital and the Hadley Memorial Hospital -- were forced to declare bankruptcy in the fallout.

Some of the investors in NCFE who lost their money included a fund manager who handled the assets used for the pensions of New York City firefighters and police officers. The collapse of the company in 2002 crippled the pension funds just one year after the 9/11 attacks.

The FBI calls the NCFE collapse "the largest corporate fraud case involving a privately held company," and compares it to the more notorious collapses of the publicly-held companies Enron and Worldcom.

Other investors in NCFE included the state of Arizona and several cities.

Investigators say that NCFE executives knowingly deceived their investors with doctored reports and false assurances of incoming money.

A jury agreed. In March 2008, five of the NCFE executives were convicted on multiple fraud charges.


Marshals: Greedy Fraudster On The Run

Marshals say that Parrett is a woman of means and resources and could be anywhere.


View Larger After their convictions, an Ohio federal judge allowed the white-collar criminals to return to their homes to settle their affairs pending sentencing. They were released on their own recognizance, but ordered to wear an electronic monitoring device.

U.S. Marshals say one of the convicted executives, NCFE founder Rebecca Parrett, didn't show up for a scheduled appointment to be fitted with an ankle bracelet. Instead, they say she bolted, fleeing from her potential sentence of 75 years and a $2.5 million fine.

Parrett is a mother and grandmother, and she has residences in both Arizona and Ohio. Marshals say she is a woman of means because of her involvement with the criminal financing at NCFE.

In April 2008, Parrett's co-defendants in the case were re-arrested when the government uncovered what agents say was a plot to escape. Another executive still facing trial in the corruption and fraud allegedly told another inmate in his jail block that the NCFE executives were planning to abscond.

After their indictments, the government seized all of their passports, but the inmate told authorities he heard that they had figured out a way to get out of the country without them. He claimed that he was told that the white-collar criminals would take cruise ships to the Caribbean Islands and rendezvous in Aruba.

The scheme seemed plausible enough that the judge order three of the executives held until their sentencing.

Authorities still have not located Parrett, but U.S. Marshals are on the case. They are looking for any and all tips on her whereabouts.


Information valid as of last update.
Pretrial Release Violation, Phoenix, AZ; Mar 28, 2008