“This was the most document-intensive case this office has ever undertaken.”
except for the missing COMPUTER FILES .....
Funny , that is what James K Happ, the only executive to be acquitted, was in charge of divestiture at at Columbia Homecare Group prior to arriving at NCFE...
Friday, December 26, 2008
Newsmakers
National Century saga closes with 10 convictions
Business First of Columbus - by Kevin Kemper
Six years and four criminal trials after a Central Ohio company’s $2.8 billion collapse, the resulting legal saga wrapped up in 2008 with seven former executives convicted – including one who remains on the run – and one who was acquitted on charges stemming from the scam.
The collapse of Dublin-based National Century Financial Enterprises Inc. kept courtrooms inside the Joseph P. Kinneary U.S. District Courthouse in Columbus busy for most of the year with criminal trials and hearings involving former executives and their associates.
Once the largest health-care financing company in the nation, National Century fell into bankruptcy in 2002 after what the government alleged was a massive fraud unraveled. In the six years since, 10 of 11 executives the government targeted for prosecution either pleaded guilty or were convicted on criminal charges for their actions.
“This case set a standard for prosecuting white-collar criminal cases,” said Fred Alverson, spokesman for the U.S. Attorney’s office in Columbus. “This was the most document-intensive case this office has ever undertaken.”
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1 comment:
First, to Susan, I have to say that Bryant didn't know the current system as his piece of junk had been chucked years before the walls came crashing down on NCFE.
Also, when the FBI came in, they didn't use trained IT agents to remove the hardware. The agents who removed the hardware probably damaged it.
Lastly, in the future, these kinds of companies should be forced to have education requirements for their employees. It was able to get away with what it did because the department(s) committing fraud were staffed with high-school grads who were told this is how "accounting" and "financial analysis" works, just do the numbers like this. After the fact, those of us who knew accounting found that we had been paid way less to do the real numbers while they got paid double to produce fake numbers. People who don't know what they're doing aren't going to turn in their bosses.
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