Associated Press has failed...

I question the fact that he started anything.I wonderwho was behind the insurance company and also who was behind the founding of NCFE?
We do now know all of the facts. We must find out the facts and then we will find the real founder.
Associated Press has failed to mention that there is one,one, ex-executive,who has yet to go on trial.Why is this? Who is this ex-executive? Before joining NCFE , James K Happ was employed at Columbia Homecare Group/HCA subsidiary.While at Columbia ,this ex-CFO was responsible for dumping the 'losing home healthcare companies' after Welfare Reform was passed.Where did he dump these losing companies? NCFE. James K Happ has yet to go on trial? A little familar with the 'mortgage related securities' dumped into other private investment firms.


Poulsen slowly worked his way up in the business world, from a marketing assistant for a beer company to the owner of an auto parts company, he told jurors. Eventually he formed an insurance company, then created National Century Financial Enterprises in Dublin in suburban Columbus in the early 1990s.

At its height National Century employed more than 300 people. Executives made millions, with Poulsen alone earning more than $9.1 million between 1996 and 2002, according to the government. He also owned a yacht, a private corporate jet and a Florida mansion.

The company's bubble burst in November 2002. A meeting with angry investors that month deteriorated into a shouting match with Poulsen screaming at investors and threatening to have them thrown off the property.

FBI agents raided National Century the weekend of Nov. 16-17, 2002, carting away boxes of documents and computers.

The business offered financing to small hospitals, nursing homes and other health care providers by purchasing their accounts receivable, usually for 80 or 90 cents on the dollar, so they wouldn't have to wait for insurance payments. National Century then collected the full amount of the payments.

The company raised the money to fund its business by selling bonds to investors.

Prosecutors argued Poulsen and other executives of the company authorized millions in unsecured loans to the health care providers, then misled investors about the loans. The government says company officials moved money between accounts to cover shortfalls, fabricated data and loaded false information on a company computer system.

Poulsen says the government has misunderstood a complex business model and failed to explain exactly what he did that was illegal.

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