William Terpening, another of Poulsen’s attorneysnot to hold any losses they’ve recently suffered against Poulsen:

Oh but they really should...This was the start of this crazy ponzi schemewecallour Financial Market.

William Terpening, another of Poulsen’s attorneys: 'in a nod towards the recent turmoil in the financial markets, Terpening asked jurors "not to hold any losses they’ve recently suffered against Poulsen".'





One dozen jurors and four alternates will determine the innocence or guilt of Lance Poulsen.

More than 100 prospective jurors from the southern half of Ohio assembled in the U.S. Courthouse in Columbus Wednesday so that government prosecutors and Poulsen’s defense lawyers could drain the pool down to 16.

The field of jurors is comprised of seven women and nine men who appear to be of varying ages and backgrounds.

Over the next four weeks, those jurors are expected to determine whether Poulsen, the founder and former president of Dublin-based National Century Financial Enterprises Inc., committed a $2.84 billion fraud.

National Century was once the nation’s largest financier of physician practices and other health-care firms. It specialized in buying receivables at a discount for quick cash. It then packaged the receivables as asset-backed bonds and sold them to investors.

NCFE collapsed into bankruptcy in 2002, forcing other medical businesses to fail and prompting the U.S. Justice Department to begin looking into the company’s failure.

The government has alleged that Poulsen was key to the supposed fraud, and has charged the 65-year-old with one count each of conspiracy, wire fraud and money laundering conspiracy, four counts of concealment of money laundering and six counts of securities fraud. He has pleaded not guilty to all the charges.

Throughout Wednesday afternoon’s jury selection, U.S. District Judge Algenon Marbley spent time asking those assembled if they had read, watched or heard reports about Poulsen or National Century.

Marbley also asked jurors about their knowledge of those involved in the current trial and previous trials.

Most jurors had little or no knowledge of Poulsen, NCFE or witnesses the prosecution and defense plan to call.

In addition to questions about jurors’ knowledge of the case, Marbley also asked jurors if they or any of their relatives work for the government.

“Is there anyone who believes they would be more likely to believe a law enforcement witness simply because he or she is a law enforcement witness?” Marbley asked.

Throughout the questioning, Poulsen looked around at prospective jurors, in what appeared to be an attempt to make eye contact.

Attorneys for Poulsen attempted to lay groundwork for their defense, asking jury members if they understood that companies fail every day and it’s not because of illegal activity.

“Mistakes aren’t crimes,” said Peter Anderson, Poulsen’s attorney.

William Terpening, another of Poulsen’s attorneys, asked jurors if they realize that relying on the expertise of others, such as accountants or lawyers, is a fair thing to do.

And in a nod towards the recent turmoil in the financial markets, Terpening asked jurors not to hold any losses they’ve recently suffered against Poulsen.

Earlier in the afternoon, at least three prospective jurors told Marbley they would have a problem being fair because of corporate fraud cases that have come to light in recent years.

Opening arguments for the prosecution and defense are scheduled to begin at 9 a.m. Thursday.