...financed by National Centruy Finanacial Enterprises, Inc. (NCFE)
Funny, he was the one to divest the losing assets dragging HCA's stock price to its lowest in years. Shall I continue?
If I could only reach Bob Woodward!
Jury acquits last National Century exec
Wednesday, December 17, 2008 1:54 PM
By Jodi Andes
THE COLUMBUS DISPATCH
James K. Happ, the last National Century Financial Enterprises executive charged in the multibillion-dollar fraud that damaged pensions across the country, has been found not guilty on all charges by a jury in U.S. District Court in Columbus.
The verdicts came shortly before 2:30 p.m. after about 12 hours of deliberation.
Happ, 48, had been charged with conspiracy, money-laundering conspiracy and three counts of wire fraud in connection with advances he authorized while he was in charge of purchasing National Century's accounts receivable.
He was a vice president of the Dublin-based company, which collapsed in 2002. Close to $2 billion in investors' money was lost, and 275 health-care businesses went bankrupt.
Using cash generated by the sale of bonds to investors, National Century bought accounts receivable from health-care providers and collected them for a fee. But investors were never told about money being given to providers without National Century getting the accounts receivable in return, prosecutors said.
Ten former executives were convicted or pleaded guilty on fraud charges tied to the company's collapse.
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