One week into the trial for the CEO Lance Poulsen, yes. However, this case has been ongoing since February. However, there is an ex executive, James J Happ that has yet to go on trial. His is scheduled for December 2008.
Funny, all the other executives and partners/founders have been sentenced except other than the one on 'America's Most Wanted' list.
Who is James K Happ, perhaps the most important criminal of all?
If only reporters would follow the money with this ex-CFO of Columbia Homecare Group, Inc., NCFE and Med Diversified Inc. (Can you follow the money?)
In 1998, a time when no one wanted homecare companies, stated in SEC records, James K Happ assisted with the divestiture of the losing homecare group within HCA/TN Inc.: Columbia Homecare Group Inc. And who is related to that group? Richard Rainwater and Richard Scott. Who is Richard Rainwater? G W Bush's ex-partner)
Who financed this divestiture? NCFE, National Century Financial Enterprises Inc.
Showing posts with label National Century Financial Enterprises Inc.. Show all posts
Showing posts with label National Century Financial Enterprises Inc.. Show all posts
Thursday, October 9, 2008
Tuesday, October 7, 2008
Who advised Arizona to invest in NCFE? John McCain?
*Ratification of Authorization to Initiate Litigation Seeking to Recover Losses Incurred Through Investments in Bonds Issued by National Century Financial Enterprises and Authorization to Enter into an Intergovernmental Agreement with Other Arizona Governmental Entities to Pursue Recovery of These Losses (ASU and NAU)
The Local Government Investment Pool (LGIP) is a statutorily authorized investment fund, consisting of monies deposited by the State and more than 100 counties, cities, political subdivisions, and other public entities, managed by the State Treasurer.
Between March 2001 and June 2002, the State Treasurer invested a portion of the LGIP funds in NCFE bonds. In October 2002, a nationwide scandal broke out concerning financial mismanagement and possible fraud by NCFE’s principals and in November 2002, NCFE filed for bankruptcy. ASU lost nearly $4M and NAU lost approximately $600,000. The UA did not, at that time, have any funds invested in the LGIP. The Arizona Attorney General’s office filed a bankruptcy claim on behalf of the State Treasurer and all of the Arizona real parties in interest.
Earlier this year several of the individual public entity investors, including ASU, began a series of meetings to examine options available to the investors to recover their losses, including filing a lawsuit against NCFE principals, bond trustees, and other third parties. The group proposed retaining separate counsel for the investors using an intergovern-mental agreement or similar agreement and eventually selected Gibbs & Bruns, a Houston law firm that is already representing investors accounting for about $1.3B in NCFE losses. Cohen Kennedy Dowd & Quigley is local counsel.
On May 16, 2003, the public entity investors were asked to notify the Gibbs and Bruns law firm of their intent to participate in the litigation. The law firm advised of the need for a timely filing in order to avoid potential statute of limitations issues. As authorized by ABOR Policy 1-109 (B), Board Counsel authorized initiation of litigation by ASU and NAU following consultation with Board President Jewett. Under that policy, Board Counsel’s decision to authorize the initiation of litigation is subject to ratification by the Board at its next meeting.
The Board ratified the decision to initiate litigation to pursue the recovery of investment losses incurred by ASU and NAU through an investment of public funds by the Local Government Investment Pool in bonds issued by National Century Financial Enterprises and authorized ASU and NAU to enter into an intergovernmental agreement with other Arizona governmental entities to pursue recovery of these losses, including authority to compromise and/or settle claims and to provide for the distribution of recovered funds.
The Local Government Investment Pool (LGIP) is a statutorily authorized investment fund, consisting of monies deposited by the State and more than 100 counties, cities, political subdivisions, and other public entities, managed by the State Treasurer.
Between March 2001 and June 2002, the State Treasurer invested a portion of the LGIP funds in NCFE bonds. In October 2002, a nationwide scandal broke out concerning financial mismanagement and possible fraud by NCFE’s principals and in November 2002, NCFE filed for bankruptcy. ASU lost nearly $4M and NAU lost approximately $600,000. The UA did not, at that time, have any funds invested in the LGIP. The Arizona Attorney General’s office filed a bankruptcy claim on behalf of the State Treasurer and all of the Arizona real parties in interest.
Earlier this year several of the individual public entity investors, including ASU, began a series of meetings to examine options available to the investors to recover their losses, including filing a lawsuit against NCFE principals, bond trustees, and other third parties. The group proposed retaining separate counsel for the investors using an intergovern-mental agreement or similar agreement and eventually selected Gibbs & Bruns, a Houston law firm that is already representing investors accounting for about $1.3B in NCFE losses. Cohen Kennedy Dowd & Quigley is local counsel.
On May 16, 2003, the public entity investors were asked to notify the Gibbs and Bruns law firm of their intent to participate in the litigation. The law firm advised of the need for a timely filing in order to avoid potential statute of limitations issues. As authorized by ABOR Policy 1-109 (B), Board Counsel authorized initiation of litigation by ASU and NAU following consultation with Board President Jewett. Under that policy, Board Counsel’s decision to authorize the initiation of litigation is subject to ratification by the Board at its next meeting.
The Board ratified the decision to initiate litigation to pursue the recovery of investment losses incurred by ASU and NAU through an investment of public funds by the Local Government Investment Pool in bonds issued by National Century Financial Enterprises and authorized ASU and NAU to enter into an intergovernmental agreement with other Arizona governmental entities to pursue recovery of these losses, including authority to compromise and/or settle claims and to provide for the distribution of recovered funds.
Thursday, August 14, 2008
Can't make a connection with NCFE?
The Wall Street Journal: What prompted this book?
T. Boone Pickens: I felt like a lot had happened to me. I left Mesa [Petroleum] in 1996 and the 12 years that followed were the most productive years of my life. Also, I came from a small town in eastern Oklahoma, and I think that I can still reach a young audience who want to know that average intelligence and a good work ethic is all you need.
WSJ: You were in effect fired as CEO of Mesa Petroleum by Richard Rainwater and his wife Darla Moore in 1996. In this book, you settle scores with them, adding the occasional shot to the ribs. What about forgetting and forgiving?
Mr. Pickens: If somebody I don't like gets in the crosshairs, I pull the trigger. But I don't hunt for them. The reason for paying them back is that they couldn't make a professional transition. You want your departure after 40 years to be pleasant, not unpleasant. They did things that were totally unnecessary, so that's why I said what I said.
I wonder what else T. Boone Pickens knows regarding these two and their Financial Investment Firms and our HEALTHCARE SYSTEM. Hmmm......
T. Boone Pickens: I felt like a lot had happened to me. I left Mesa [Petroleum] in 1996 and the 12 years that followed were the most productive years of my life. Also, I came from a small town in eastern Oklahoma, and I think that I can still reach a young audience who want to know that average intelligence and a good work ethic is all you need.
WSJ: You were in effect fired as CEO of Mesa Petroleum by Richard Rainwater and his wife Darla Moore in 1996. In this book, you settle scores with them, adding the occasional shot to the ribs. What about forgetting and forgiving?
Mr. Pickens: If somebody I don't like gets in the crosshairs, I pull the trigger. But I don't hunt for them. The reason for paying them back is that they couldn't make a professional transition. You want your departure after 40 years to be pleasant, not unpleasant. They did things that were totally unnecessary, so that's why I said what I said.
I wonder what else T. Boone Pickens knows regarding these two and their Financial Investment Firms and our HEALTHCARE SYSTEM. Hmmm......
Thursday, February 28, 2008
National Century was a financier of last resort for health-care providers....Oh Really? Pay attention!
Defense attorneys portray government's chief witness as liar
Wednesday, February 27, 2008 - 2:39 PM EST
Business First of Columbus - by Kevin Kemper Business First
"MAIN ARCHITET" ?? Please!! Let's look at where this "Main Architect" came up with this FRAUD!
The testimony of a main architect of the largest alleged fraud ever to take place at a private company ended Wednesday morning, with defense attorneys suggesting the witness is a liar.
Sherry Gibson, the former executive vice president of compliance at National Century Financial Enterprises Inc., concluded her three-and-a-half days of testimony, but not before defense attorneys attempted to draw blood for the last time. Gibson testified earlier that she was at the center of a $2.84 billion fraud that led to National Century's 2002 bankruptcy. She also implicated the five executives standing trial in U.S. District Court in Columbus on criminal fraud, conspiracy and money laundering charges.
Standing trial are Rebecca S. Parrett, Donald H. Ayers, Roger S. Faulkenberry, Randolph H. Speer and James E. Dierker, all of whom have pleaded not guilty. If convicted, the defendants face 30 years to life in prison.
Gibson was indicted, too, but pleaded guilty in 2003 to conspiracy to commit securities fraud. She spent three years in a federal penitentiary in Kentucky, repaid $420,000 to the government and agreed to cooperate with the Justice Department's investigation into National Century.
Before she left the stand, defense attorneys attempted to discredit Gibson's testimony for the last time, while laying blame solely on her.
"Who was the No. 1 person falsifying investor reports?" asked Gregory Peterson, attorney for Parrett.
"I was," Gibson said.
"You had the option of telling the truth, did you not?" asked Frederick Benton, attorney for Speer.
"Yes," Gibson said.
"You lied as a matter of choice?" Benton asked.
"Yes," Gibson said.
Javier Armengau, attorney for Faulkenberry, asked Gibson about the people at the firm who knew about National Century making illegal advances to health-care clients. When Gibson named the defendants on trial, Armengau accused her of parroting the government's indictment, leaving out former National Century employees who testified before Gibson who knew about fraud at the company.
National Century was a financier of last resort for health-care providers. The firm specialized in buying receivables from medical businesses at a discount, giving them cash up front so they could pay their bills. It then packaged the receivables as asset-backed bonds and sold them to investors.
Wednesday, February 27, 2008 - 2:39 PM EST
Business First of Columbus - by Kevin Kemper Business First
"MAIN ARCHITET" ?? Please!! Let's look at where this "Main Architect" came up with this FRAUD!
The testimony of a main architect of the largest alleged fraud ever to take place at a private company ended Wednesday morning, with defense attorneys suggesting the witness is a liar.
Sherry Gibson, the former executive vice president of compliance at National Century Financial Enterprises Inc., concluded her three-and-a-half days of testimony, but not before defense attorneys attempted to draw blood for the last time. Gibson testified earlier that she was at the center of a $2.84 billion fraud that led to National Century's 2002 bankruptcy. She also implicated the five executives standing trial in U.S. District Court in Columbus on criminal fraud, conspiracy and money laundering charges.
Standing trial are Rebecca S. Parrett, Donald H. Ayers, Roger S. Faulkenberry, Randolph H. Speer and James E. Dierker, all of whom have pleaded not guilty. If convicted, the defendants face 30 years to life in prison.
Gibson was indicted, too, but pleaded guilty in 2003 to conspiracy to commit securities fraud. She spent three years in a federal penitentiary in Kentucky, repaid $420,000 to the government and agreed to cooperate with the Justice Department's investigation into National Century.
Before she left the stand, defense attorneys attempted to discredit Gibson's testimony for the last time, while laying blame solely on her.
"Who was the No. 1 person falsifying investor reports?" asked Gregory Peterson, attorney for Parrett.
"I was," Gibson said.
"You had the option of telling the truth, did you not?" asked Frederick Benton, attorney for Speer.
"Yes," Gibson said.
"You lied as a matter of choice?" Benton asked.
"Yes," Gibson said.
Javier Armengau, attorney for Faulkenberry, asked Gibson about the people at the firm who knew about National Century making illegal advances to health-care clients. When Gibson named the defendants on trial, Armengau accused her of parroting the government's indictment, leaving out former National Century employees who testified before Gibson who knew about fraud at the company.
National Century was a financier of last resort for health-care providers. The firm specialized in buying receivables from medical businesses at a discount, giving them cash up front so they could pay their bills. It then packaged the receivables as asset-backed bonds and sold them to investors.
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