I smell a rat...RAINWATER/BUSH! Again!

The government has alleged Poulsen and other executives at the company overfunded health-care companies owned by Poulsen and National Century’s other principles in a ploy to enrich themselves.

A few weeks into his financial education, Parizek told jurors he discovered National Century had overfunded certain health-care providers by $50 million to $200 million.

Remember now, who came in after this guy Parizek...yes James K Happ
How long did it take James K Happ, the ex-CFO of HCA (Columbia Homecare, Rainwater's baby) to figure out this? Or what was his agenda?

“Attribute little value to internally generated documentation and data.”
Don't you think James K Happ should have known this? The ex-CFO of the largest Healthcare compaby in the country? HCA? I smell a rat...RAINWATER/BUSH!


Thursday, October 2, 2008 - 5:31 PM EDT
NCFE money exec put little stock in Poulsen, company claims
Business First of Columbus - by Kevin Kemper
After less than three months on the job, a former National Century Financial Enterprises Inc. executive wrote in his notes that he couldn’t trust statements made by his boss, CEO Lance Poulsen.

William Parizek, once the Dublin company’s director of corporate finance, testified Thursday as the government’s first witness in the fraud trial of Poulsen that he began to question financial decisions of National Century just weeks into his job at the business.

An accountant by training, Parizek started at National Century on Oct. 31, 1996 and left Jan. 16, 1997. Parizek testified Poulsen, who co-founded National Century, hired him to raise capital from investors who were interested in becoming part-owners of the company.

The government has accused Poulsen, 65, on conspiracy, wire fraud, money laundering and securities fraud charges for which he is standing trial in Columbus. Poulsen has pleaded not guilty to all the charges.

Parizek said he moved his family from Wichita, Kan., to join National Century because he had a chance to eventually make nearly $1 million a year if he met all of his job goals.

In order to pitch National Century to investors, Parizek testified he needed a full understanding of the company. A few weeks into his financial education, Parizek told jurors he discovered National Century had overfunded certain health-care providers by $50 million to $200 million.
National Century was once the nation’s largest financier of physician practices and other health-care firms. It specialized in buying doctors’ receivables at discounts so the physicians could quickly secure they cash they needed for their businesses. National Century then packaged the receivables as asset-backed bonds and sold them to investors.

The company collapsed into bankruptcy in 2002, allegedly forcing other medical businesses to fail and prompting the Justice Department to begin looking into the company’s failure. The government has alleged Poulsen and other executives at the company overfunded health-care companies owned by Poulsen and National Century’s other principles in a ploy to enrich themselves.

As Parizek asked more executives about the company, he became convinced the company was not operating legally, he told the jury. It was around that time that Parizek wrote in his notes: “Attribute no value to LKP (Lance K. Poulsen) statements.”

Parizek also wrote: “Attribute little value to internally generated documentation and data.”
On the day he resigned, more than two months after he joined the business, Parizek said Poulsen called him on his office phone. Poulsen started off friendly, Parizek told the jury, and then became angry and vulgar.

In his notes, Parizek wrote that Poulsen said: “I don’t know what your agenda is, but the only ... agenda in this company is mine.” Parizek also wrote in his notes that Poulsen said he didn’t need Parizek’s morality.

Under questioning by William Terpening, Poulsen’s attorney, Parizek sparred over whether he was fired or resigned from his job. Parizek maintained he resigned.

“You were fired by Mr. Poulsen,” Terpening said.

“That was not the case,” Parizek replied.

When Terpening asked Parizek about many of National Century’s financial inner workings, the witness said he couldn’t recall details. Terpening asked why Parizek’s detailed notes should then be considered accurate.

Terpening also asked why Parizek didn’t go to the government if he was concerned about National Century. Parizek answered he wanted to move on and didn’t think about National Century until the government contacted him in 2002 after the company went bankrupt.