Fraud trial delayed for National Century founder
Monday, July 14, 2008 3:29 PM
By Jodi Andes
THE COLUMBUS DISPATCH
File
Lance K. PoulsenNational Century Financial Enterprises founder Lance K. Poulsen has won a two-month delay for his trial on fraud charges.
Poulsen had been scheduled to go to trial Aug. 4 in U.S. District Court in Columbus on charges that stem from the company’s collapse in November 2002. Investors lost nearly $2 billion in what prosecutors say is the nation’s largest private-sector fraud case.
Today, federal Judge Algenon L. Marbley agreed to delay the trial until Oct. 1 so Poulsen’s attorneys can review federal documents they recently received.
Defense attorneys requested documents used as part of a March ruling by the Securities Exchange Commission that placed partial blame for the company’s collapse on JP Morgan Chase.
Chase Bank and Bank One, which later merged into JP Morgan Chase, served as trustee banks for National Century’s programs.
Marbley gave Poulsen the Oct. 1 trial date of National Century executive James K. Happ. His trial, also on fraud charges, is now scheduled to start on Dec. 1.
National Century was a Dublin-based company that, for a fee, collected accounts receivable for health-care providers. National Century used investors’ money to give cash to health-care providers so they could pay their bills.
When National Century collapsed, more than 275 health-care providers went bankrupt.
jandes@dispatch.com
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