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......
Thursday, August 14, 2008
Wednesday, August 13, 2008
Toughest Babe in the Business married GW BUSH Partner......
Below is an exerpt posted in this week's Newsweek : http://www.newsweek.com/id/151727/page/2
The Pickens Profile You Haven't Read
Pickens likes to portray his years as a corporate buccaneer during the 1980s as "shareholder activism." When Mesa fell into a cash crisis in the mid '90s after the price of natural gas collapsed, there was no mercy for him on Wall Street. Pickens called in Texas financier Richard Rainwater, and his wife and business partner, Darla Moore, to help raise capital. (Rainwater helped another oilman, George W. Bush, escape his money problems by making him co-owner of the Texas Rangers, a deal that eventually made Bush a multimillionaire.)
Moore, a leveraged-buyout specialist dubbed "the Toughest Babe in the Business" by Fortune, tried to raise $1 billion on Wall Street for Mesa. "I found out there wasn't a bank in the country that would touch the deal if Boone was CEO," Moore told NEWSWEEK. "I tried to soften the message [but] he was really surprised. 'But I get along with all those guys,' is what he said." The Rainwaters worked out a deal for Pickens to retire as CEO, and bought him out, a deal that still rankles the billionaire. Moore whooped with surprise when told by a NEWSWEEK reporter that Pickens had compared her in his book to a "wolverine that pisses on everything it doesn't eat." Moore responds, "I think what people don't know about Boone is that deep down he is actually—I hate to say this—a nice man. And he knows more about energy than anybody in the world."
Just a little insight to Darla Moore;
Darla Moore In 1981, at Chemical Bank in New York, Moore and Conway were focused on a new idea: loaning money to corporations
teetering on the brink of bankruptcy, Soon after, she met and married Rainwater, who made her president of his investment company. They now had $500 million to put wherever they wanted.That's when she pushed T. Boone Pickens out . . . and then to a hard look at Rick Scott.
Scott was Rainwater's good friend. They had bought two hospitals in Texas and shared a vision: a nationwide chain of hospitals using cost controls.
By 1997, Scott's company, Columbia/HCA, was the nation's largest managed care provider.
But Moore said Scott was unwise to ignore subordinates who questioned his practices and foolish to dismiss a federal investigation of how Columbia billed Medicare.
According to the SEC Form :
Med Diversified Inc.
Annual Meeting Of Stockholders
September 9, 2003
JAMES K. HAPP has served as chief executive officer of our subsidiary, Tender Loving Care Health Care Services, Inc., since October 2002.
Previously, Mr. Happ served for three years as executive vice president of NCFE, during which time he restructured the servicer department to improve operational performance and accelerated the utilization of technology to increase operational efficiency. (1999-2002 by deduction of SEC statement)
Mr. Happ also served as chief financial officer of the Dallas-based Columbia Homecare Group, Inc., a home care company with more than 500 locations nationwide and more than $1 billion in revenue in 1997. In this role, he directed the company through the challenging reimbursement climate, known as the interim payment system, and participated in the divestiture of all of Columbia/HCA's home care operations (At least1997 until 1999)
Participated in the "DIVESTITURE"...Where did this divestiture 'divest' to?
The Pickens Profile You Haven't Read
Pickens likes to portray his years as a corporate buccaneer during the 1980s as "shareholder activism." When Mesa fell into a cash crisis in the mid '90s after the price of natural gas collapsed, there was no mercy for him on Wall Street. Pickens called in Texas financier Richard Rainwater, and his wife and business partner, Darla Moore, to help raise capital. (Rainwater helped another oilman, George W. Bush, escape his money problems by making him co-owner of the Texas Rangers, a deal that eventually made Bush a multimillionaire.)
Moore, a leveraged-buyout specialist dubbed "the Toughest Babe in the Business" by Fortune, tried to raise $1 billion on Wall Street for Mesa. "I found out there wasn't a bank in the country that would touch the deal if Boone was CEO," Moore told NEWSWEEK. "I tried to soften the message [but] he was really surprised. 'But I get along with all those guys,' is what he said." The Rainwaters worked out a deal for Pickens to retire as CEO, and bought him out, a deal that still rankles the billionaire. Moore whooped with surprise when told by a NEWSWEEK reporter that Pickens had compared her in his book to a "wolverine that pisses on everything it doesn't eat." Moore responds, "I think what people don't know about Boone is that deep down he is actually—I hate to say this—a nice man. And he knows more about energy than anybody in the world."
Just a little insight to Darla Moore;
Darla Moore In 1981, at Chemical Bank in New York, Moore and Conway were focused on a new idea: loaning money to corporations
teetering on the brink of bankruptcy, Soon after, she met and married Rainwater, who made her president of his investment company. They now had $500 million to put wherever they wanted.That's when she pushed T. Boone Pickens out . . . and then to a hard look at Rick Scott.
Scott was Rainwater's good friend. They had bought two hospitals in Texas and shared a vision: a nationwide chain of hospitals using cost controls.
By 1997, Scott's company, Columbia/HCA, was the nation's largest managed care provider.
But Moore said Scott was unwise to ignore subordinates who questioned his practices and foolish to dismiss a federal investigation of how Columbia billed Medicare.
According to the SEC Form :
Med Diversified Inc.
Annual Meeting Of Stockholders
September 9, 2003
JAMES K. HAPP has served as chief executive officer of our subsidiary, Tender Loving Care Health Care Services, Inc., since October 2002.
Previously, Mr. Happ served for three years as executive vice president of NCFE, during which time he restructured the servicer department to improve operational performance and accelerated the utilization of technology to increase operational efficiency. (1999-2002 by deduction of SEC statement)
Mr. Happ also served as chief financial officer of the Dallas-based Columbia Homecare Group, Inc., a home care company with more than 500 locations nationwide and more than $1 billion in revenue in 1997. In this role, he directed the company through the challenging reimbursement climate, known as the interim payment system, and participated in the divestiture of all of Columbia/HCA's home care operations (At least1997 until 1999)
Participated in the "DIVESTITURE"...Where did this divestiture 'divest' to?
Monday, August 11, 2008
Accountability:Please......Is this over? Where is the FOUNDER And the LAST MAN STANDING?
What a joke! One would thinkk fromt hsi headline that this case is settled!
Have you forgotten about Poulsen & Happ for the FRAUD? The MOST IMPORTANT part of this CASE has yet to be TRIED and the MEDIA is "PORTRAYING" an end!!
SHAME ON THE MEDIA!!
This is from the website:
http://www.accountability-central.com
Former National Century Financial Enterprises Executives Sentenced for Roles in $3 Billion Securities Fraud Scheme
BY: DEPARTMENT OF JUSTICE
WASHINGTON – Four former National Century Financial Enterprises (NCFE) executives have been sentenced for their roles in a scheme to deceive investors about the financial health of NCFE, Acting Assistant Attorney General Matthew Friedrich and U.S. Attorney Gregory G. Lockhart of the Southern District of Ohio announced today. NCFE, formerly based in Dublin, Ohio, was one of the largest healthcare finance companies in the United States until it filed for bankruptcy in November 2002.
Donald H. Ayers, 72, of Fort Myers, Fla., an NCFE vice chairman, chief operating officer, director and owner of the company, was sentenced on Aug. 6, 2008, to 15 years in prison for conspiracy, securities fraud and money laundering.
Randolph H. Speer, 57, of Peachtree City, Ga., NCFE’s chief financial officer, was sentenced on Aug. 6, 2008, to 12 years in prison for conspiracy, securities fraud, wire fraud and money laundering.
Roger S. Faulkenberry, 47, of Dublin, a senior executive responsible for raising money from investors, was sentenced on Aug. 7, 2008, to ten years in prison for conspiracy, securities fraud, wire fraud and money laundering.
James E. Dierker, 40, of Powell, Ohio, associate director of marketing and vice president of client development, was sentenced on Aug. 7, 2008, to five years in prison for conspiracy and money laundering.
Rebecca S. Parrett, 59, of Carefree, Ariz., an NCFE vice chairman, secretary, treasurer, director and owner of the company, became a fugitive following the March 2008 jury verdict. She faces a maximum penalty of 75 years in prison and $2.5 million in fines.
U.S. District Court Judge Algenon Marbley also ordered the defendants to forfeit $1.7 billion of property representing the proceeds of the conspiracy and to pay restitution of $2.3 billion.
"In a scheme which lasted for years, these defendants purposely misled the investing public about National Century, its financial health, and the way in which it did business," said Acting Assistant Attorney General Matthew Friedrich. "When the facade collapsed and National Century filed for bankruptcy, investors were left holding the bag for billions of dollars in losses. The sentences handed down in this case justly reflect the gravity of the offenses."
"These sentences mark the end of a nearly six-year march to justice for the architects of the financial house of cards known as National Century," said Gregory G. Lockhart, U.S. Attorney for the Southern District of Ohio. "These crimes touched hundreds of thousands of Americans if they participated in a pension that invested in National Century, or had money in any of the financial institutions who bought securities from National Century."
"Unfortunately today’s sentencing does not immediately restore investor confidence or offer complete financial restitution for the victims of one of the largest corporate fraud investigations," said Assistant Director Kenneth W. Kaiser of the FBI Criminal Investigative Division. "The FBI and our law enforcement and regulatory partners will do whatever it takes so that no company, in small town America or major metropolitan cities alike, misrepresents their financial health and defrauds investors."
"The IRS, along with our law enforcement partners, will vigorously pursue corporate officers who victimize their investors and violate the public trust," said Internal Revenue Service (IRS) Chief of the Criminal Investigation Division Eileen Mayer. "Today's sentence demonstrates the government's determination to restore and ensure that trust."
Evidence was presented at trial in February 2008 that the defendants engaged in a scheme to deceive investors and rating agencies about the financial health of NCFE and how investor monies would be used. Between May 1998 and May 2001, NCFE sold notes to investors with a combined value of $4.4 billion, which evidence showed were actually worth approximately six cents on the dollar at the time of NCFE’s bankruptcy in November 2002.
Court documents show that NCFE presented a business model to investors and rating agencies that called for NCFE to purchase high-quality accounts receivable from healthcare providers using money NCFE obtained through the sale of asset-backed notes to institutional investors. Evidence at trial showed that the defendants knew that the business model NCFE presented to the investing public differed drastically from the way NCFE did business within its own walls and that NCFE was making up the information contained in monthly investor reports to make it appear as though NCFE was in compliance with its own governing documents.
Ayers, Speer, Faulkenberry, Dierker and Parrett were five of eight individuals indicted in the case in July 2007. Lance K. Poulsen was severed from the other defendants following his arrest on obstruction of justice charges on Oct. 18, 2007. He will be sentenced on the obstruction of justice charges on Aug. 8, 2008. Poulsen’s trial on conspiracy, securities fraud, wire fraud, mail fraud and money laundering charges is scheduled to begin Oct. 1, 2008. James K. Happ, a certified public accountant and former executive vice president for servicer operations will face charges of conspiracy and wire fraud at trial scheduled to begin Dec. 1, 2008. Jon A. Beacham, who was responsible for raising money from investors through the sale of notes, pleaded guilty to conspiracy and securities fraud on July 13, 2007, and awaits sentencing.
The case was prosecuted by Assistant U.S. Attorney Douglas Squires of the Southern District of Ohio, Senior Litigation Counsel Kathleen McGovern and Trial Attorney Wes R. Porter of the Criminal Division's Fraud Section, with assistance from Fraud Section Paralegal Specialists Crystal Curry and Sarah Marberg. The investigation was conducted by FBI agents Matt Daly, Ingrid Schmidt and Tad Morris; IRS Inspectors Greg Ruwe and Mark Bailey; U.S. Postal Inspector Dave Mooney; and U.S. Immigration and Customs Enforcement agent Celeste Koszut.
Have you forgotten about Poulsen & Happ for the FRAUD? The MOST IMPORTANT part of this CASE has yet to be TRIED and the MEDIA is "PORTRAYING" an end!!
SHAME ON THE MEDIA!!
This is from the website:
http://www.accountability-central.com
Former National Century Financial Enterprises Executives Sentenced for Roles in $3 Billion Securities Fraud Scheme
BY: DEPARTMENT OF JUSTICE
WASHINGTON – Four former National Century Financial Enterprises (NCFE) executives have been sentenced for their roles in a scheme to deceive investors about the financial health of NCFE, Acting Assistant Attorney General Matthew Friedrich and U.S. Attorney Gregory G. Lockhart of the Southern District of Ohio announced today. NCFE, formerly based in Dublin, Ohio, was one of the largest healthcare finance companies in the United States until it filed for bankruptcy in November 2002.
Donald H. Ayers, 72, of Fort Myers, Fla., an NCFE vice chairman, chief operating officer, director and owner of the company, was sentenced on Aug. 6, 2008, to 15 years in prison for conspiracy, securities fraud and money laundering.
Randolph H. Speer, 57, of Peachtree City, Ga., NCFE’s chief financial officer, was sentenced on Aug. 6, 2008, to 12 years in prison for conspiracy, securities fraud, wire fraud and money laundering.
Roger S. Faulkenberry, 47, of Dublin, a senior executive responsible for raising money from investors, was sentenced on Aug. 7, 2008, to ten years in prison for conspiracy, securities fraud, wire fraud and money laundering.
James E. Dierker, 40, of Powell, Ohio, associate director of marketing and vice president of client development, was sentenced on Aug. 7, 2008, to five years in prison for conspiracy and money laundering.
Rebecca S. Parrett, 59, of Carefree, Ariz., an NCFE vice chairman, secretary, treasurer, director and owner of the company, became a fugitive following the March 2008 jury verdict. She faces a maximum penalty of 75 years in prison and $2.5 million in fines.
U.S. District Court Judge Algenon Marbley also ordered the defendants to forfeit $1.7 billion of property representing the proceeds of the conspiracy and to pay restitution of $2.3 billion.
"In a scheme which lasted for years, these defendants purposely misled the investing public about National Century, its financial health, and the way in which it did business," said Acting Assistant Attorney General Matthew Friedrich. "When the facade collapsed and National Century filed for bankruptcy, investors were left holding the bag for billions of dollars in losses. The sentences handed down in this case justly reflect the gravity of the offenses."
"These sentences mark the end of a nearly six-year march to justice for the architects of the financial house of cards known as National Century," said Gregory G. Lockhart, U.S. Attorney for the Southern District of Ohio. "These crimes touched hundreds of thousands of Americans if they participated in a pension that invested in National Century, or had money in any of the financial institutions who bought securities from National Century."
"Unfortunately today’s sentencing does not immediately restore investor confidence or offer complete financial restitution for the victims of one of the largest corporate fraud investigations," said Assistant Director Kenneth W. Kaiser of the FBI Criminal Investigative Division. "The FBI and our law enforcement and regulatory partners will do whatever it takes so that no company, in small town America or major metropolitan cities alike, misrepresents their financial health and defrauds investors."
"The IRS, along with our law enforcement partners, will vigorously pursue corporate officers who victimize their investors and violate the public trust," said Internal Revenue Service (IRS) Chief of the Criminal Investigation Division Eileen Mayer. "Today's sentence demonstrates the government's determination to restore and ensure that trust."
Evidence was presented at trial in February 2008 that the defendants engaged in a scheme to deceive investors and rating agencies about the financial health of NCFE and how investor monies would be used. Between May 1998 and May 2001, NCFE sold notes to investors with a combined value of $4.4 billion, which evidence showed were actually worth approximately six cents on the dollar at the time of NCFE’s bankruptcy in November 2002.
Court documents show that NCFE presented a business model to investors and rating agencies that called for NCFE to purchase high-quality accounts receivable from healthcare providers using money NCFE obtained through the sale of asset-backed notes to institutional investors. Evidence at trial showed that the defendants knew that the business model NCFE presented to the investing public differed drastically from the way NCFE did business within its own walls and that NCFE was making up the information contained in monthly investor reports to make it appear as though NCFE was in compliance with its own governing documents.
Ayers, Speer, Faulkenberry, Dierker and Parrett were five of eight individuals indicted in the case in July 2007. Lance K. Poulsen was severed from the other defendants following his arrest on obstruction of justice charges on Oct. 18, 2007. He will be sentenced on the obstruction of justice charges on Aug. 8, 2008. Poulsen’s trial on conspiracy, securities fraud, wire fraud, mail fraud and money laundering charges is scheduled to begin Oct. 1, 2008. James K. Happ, a certified public accountant and former executive vice president for servicer operations will face charges of conspiracy and wire fraud at trial scheduled to begin Dec. 1, 2008. Jon A. Beacham, who was responsible for raising money from investors through the sale of notes, pleaded guilty to conspiracy and securities fraud on July 13, 2007, and awaits sentencing.
The case was prosecuted by Assistant U.S. Attorney Douglas Squires of the Southern District of Ohio, Senior Litigation Counsel Kathleen McGovern and Trial Attorney Wes R. Porter of the Criminal Division's Fraud Section, with assistance from Fraud Section Paralegal Specialists Crystal Curry and Sarah Marberg. The investigation was conducted by FBI agents Matt Daly, Ingrid Schmidt and Tad Morris; IRS Inspectors Greg Ruwe and Mark Bailey; U.S. Postal Inspector Dave Mooney; and U.S. Immigration and Customs Enforcement agent Celeste Koszut.
Saturday, August 9, 2008
Federal Judge Algenon L. Marbley, however, sentenced Poulsen, 65, to 10 years in a federal prison.....but what is next?
NATIONAL CENTURY CASE
Apologetic executive gets 10 years
Saturday, August 9, 2008 3:10 AM
By Jodi Andes
THE COLUMBUS DISPATCH
Poulsen
Demmler
Minutes before Lance K. Poulsen was sentenced for trying to bribe the star witness in the nation's largest private-fraud case, he apologized.
Yesterday, nearly all objections made by Poulsen's attorneys to keep their client from a long prison term were shot down by the judge in three hours of debate.
Poulsen was then given the option to speak before he was sentenced for witness tampering and obstruction of justice.
Shackled at the hands and feet, Poulsen offered the first apology for the 2002 demise of Dublin-based National Century Financial Enterprises, where 350 employees lost their jobs and investors lost more than $2 billion.
"I want to express my remorse. I have had many months of imprisonment to consider my conduct," Poulsen said. "But there is no question that NCFE's failure hurt many families.
"These were good people employed at NCFE and now have no future. There is no question that NCFE was my company. … I was ultimately responsible for my company's welfare and their welfare."
The statements followed a tearful plea from Poulsen's wife, Barbara, to the judge.
"He is sincere and unselfish in his motives. I truly believe he is a really good man," she said, crying. "I just ask for your leniency in the sentencing."
The most common sentence for such crimes is less than two years in prison, Poulsen's attorney Pete Anderson noted.
Federal Judge Algenon L. Marbley, however, sentenced Poulsen, 65, to 10 years in a federal prison.Authorities said that Poulsen, who was one of the founders of National Century, and his friend Karl A. Demmler tried to get Sherry Gibson, the government's star witness in National Century's fraud case, to fake amnesia. FBI agents tapped phone conversations and had Gibson wear a recording device.
The scheme showed that Poulsen was the puppeteer and Demmler his puppet, Marbley said. "This was an egregious offense that goes to the integrity of the judicial process," he said.
National Century collected accounts receivable for health-care providers for a fee. The company went bankrupt after offering hundreds of millions of dollars in unsecure loans to health-care providers.
Demmler, 57, was to be sentenced yesterday on the same charges. But his attorney was granted a continuance for a psychological report, saying Demmler is becoming mentally unstable. Demmler has told jail workers that he drinks his urine.
Poulsen was the fifth National Century employee to be sentenced this week. The other four and their prison terms: Donald H. Ayers, 72, 15 years; James E. Dierker Jr., 40, five years; Roger Faulkenberry, 47, 10 years; and Randolph H. Speer, 57, 12 years.
A sixth defendant, Rebecca S. Parrett, disappeared after she was convicted.
Poulsen also faces fraud charges and is scheduled for trial Oct. 1.
jandes@dispatch.com
Apologetic executive gets 10 years
Saturday, August 9, 2008 3:10 AM
By Jodi Andes
THE COLUMBUS DISPATCH
Poulsen
Demmler
Minutes before Lance K. Poulsen was sentenced for trying to bribe the star witness in the nation's largest private-fraud case, he apologized.
Yesterday, nearly all objections made by Poulsen's attorneys to keep their client from a long prison term were shot down by the judge in three hours of debate.
Poulsen was then given the option to speak before he was sentenced for witness tampering and obstruction of justice.
Shackled at the hands and feet, Poulsen offered the first apology for the 2002 demise of Dublin-based National Century Financial Enterprises, where 350 employees lost their jobs and investors lost more than $2 billion.
"I want to express my remorse. I have had many months of imprisonment to consider my conduct," Poulsen said. "But there is no question that NCFE's failure hurt many families.
"These were good people employed at NCFE and now have no future. There is no question that NCFE was my company. … I was ultimately responsible for my company's welfare and their welfare."
The statements followed a tearful plea from Poulsen's wife, Barbara, to the judge.
"He is sincere and unselfish in his motives. I truly believe he is a really good man," she said, crying. "I just ask for your leniency in the sentencing."
The most common sentence for such crimes is less than two years in prison, Poulsen's attorney Pete Anderson noted.
Federal Judge Algenon L. Marbley, however, sentenced Poulsen, 65, to 10 years in a federal prison.Authorities said that Poulsen, who was one of the founders of National Century, and his friend Karl A. Demmler tried to get Sherry Gibson, the government's star witness in National Century's fraud case, to fake amnesia. FBI agents tapped phone conversations and had Gibson wear a recording device.
The scheme showed that Poulsen was the puppeteer and Demmler his puppet, Marbley said. "This was an egregious offense that goes to the integrity of the judicial process," he said.
National Century collected accounts receivable for health-care providers for a fee. The company went bankrupt after offering hundreds of millions of dollars in unsecure loans to health-care providers.
Demmler, 57, was to be sentenced yesterday on the same charges. But his attorney was granted a continuance for a psychological report, saying Demmler is becoming mentally unstable. Demmler has told jail workers that he drinks his urine.
Poulsen was the fifth National Century employee to be sentenced this week. The other four and their prison terms: Donald H. Ayers, 72, 15 years; James E. Dierker Jr., 40, five years; Roger Faulkenberry, 47, 10 years; and Randolph H. Speer, 57, 12 years.
A sixth defendant, Rebecca S. Parrett, disappeared after she was convicted.
Poulsen also faces fraud charges and is scheduled for trial Oct. 1.
jandes@dispatch.com
James K Happ, NCFE, and WHERE did thisman come from?
Source : ANNUAL MEETING OF STOCKHOLDERS
SEPTEMBER 9, 2003-Med Diversified Inc.
Mr. Happ also served as chief financial officer of the Dallas-based Columbia Homecare Group, Inc., a home care company with more than 500 locations nationwide and more than $1 billion in revenue in 1997. In this role, he directed the company through the challenging reimbursement climate, known as the interim payment system, and participated in the divestiture of all of Columbia/HCA's home care operations.
Funny,,,,,He left Columbia/HCA and went to NCFE for a brief stay....but what was his purpose to be at NCFE. After all, he was only there for a BRIEF stay, until.....
SMELL A RAT????
Let's look at this:
Happ: 1997 Chief Financial Officer of the Dallas-based Columbia Homecare Group, Inc., /////more than $1 billion in revenue in 1997!!
What was the revenue in 1998? After the Health Care Reform Act was passed in 1997)
What was the Stock Price of the parent company of Columbia Homecare Group, Inc.,, i.e. HCA in 1997, 1998, 1999? How did the market react to the announcement of the "HOMECARE" selloff of HCA's Columbia Homecare Group, Inc.,?
But the bigger question, To Whom did James Happ sell this "HOMECARE" division to? And how did he secure the "FINANCE" for the "DIVESTITURE"? The divestiture that he claimed credit for?
Once again, "In this role, he directed the company through the challenging reimbursement climate, known as the interim payment system, and participated in the divestiture of all of Columbia/HCA's home care operations."
Now this is where it starts getting very interesting!
OK.....Happ leaves HCA, after selling off the LOSING HOMECARE FACILITIES via NCFE FUNDING...for which that compnay filed Bankruptcy July 1999.
How did a company with more than $1 billion in revenue in 1997 sell in 1998 to a compnay that filed bankruptcy in 1999 with NO RECORD of the actual amount paid for these LOSERS or FINANCED BY NCFE and family!!!
And the DOJ states this CASE has come to an END? I think not!
SEPTEMBER 9, 2003-Med Diversified Inc.
Mr. Happ also served as chief financial officer of the Dallas-based Columbia Homecare Group, Inc., a home care company with more than 500 locations nationwide and more than $1 billion in revenue in 1997. In this role, he directed the company through the challenging reimbursement climate, known as the interim payment system, and participated in the divestiture of all of Columbia/HCA's home care operations.
Funny,,,,,He left Columbia/HCA and went to NCFE for a brief stay....but what was his purpose to be at NCFE. After all, he was only there for a BRIEF stay, until.....
SMELL A RAT????
Let's look at this:
Happ: 1997 Chief Financial Officer of the Dallas-based Columbia Homecare Group, Inc., /////more than $1 billion in revenue in 1997!!
What was the revenue in 1998? After the Health Care Reform Act was passed in 1997)
What was the Stock Price of the parent company of Columbia Homecare Group, Inc.,, i.e. HCA in 1997, 1998, 1999? How did the market react to the announcement of the "HOMECARE" selloff of HCA's Columbia Homecare Group, Inc.,?
But the bigger question, To Whom did James Happ sell this "HOMECARE" division to? And how did he secure the "FINANCE" for the "DIVESTITURE"? The divestiture that he claimed credit for?
Once again, "In this role, he directed the company through the challenging reimbursement climate, known as the interim payment system, and participated in the divestiture of all of Columbia/HCA's home care operations."
Now this is where it starts getting very interesting!
OK.....Happ leaves HCA, after selling off the LOSING HOMECARE FACILITIES via NCFE FUNDING...for which that compnay filed Bankruptcy July 1999.
How did a company with more than $1 billion in revenue in 1997 sell in 1998 to a compnay that filed bankruptcy in 1999 with NO RECORD of the actual amount paid for these LOSERS or FINANCED BY NCFE and family!!!
And the DOJ states this CASE has come to an END? I think not!
Judge Algenon Marbley ..."eligible to serve 35 years in prison but said .....
said that duration would have been an excessive sentence.
Friday, August 8, 2008 - 2:09 PM EDT | Modified: Friday, August 8, 2008 - 2:15 PM
NCFE’s Poulsen gets 10 years on witness tampering attempt
Business First of Columbus - by Kevin Kemper
Lance Poulsen, who once headed the former National Century Financial Enterprises Inc., was sentenced Friday to 10 years in prison and a fine for trying to get a witness to change her testimony at his upcoming fraud trial linked to the company’s collapse.
U.S. District Court Judge Algenon Marbley handed down the sentence, ordering prison time as well as a $17,500 fine.
“This was an egregious offense,” Marbley said. “It goes to the integrity of the judicial process.”
Marbley also sentenced Poulsen, who co-founded National Century, to three years of supervised release once he completes his time in jail.
Poulsen was eligible to serve 35 years in prison. Marbley said that duration would have been an excessive sentence.
A jury found Poulsen, 65, guilty in March of attempting to bribe Sherry Gibson, a former National Century employee and federal witness, into changing her testimony for an upcoming trial in which Poulsen is accused of fraud. Poulsen was convicted of conspiracy to obstruct justice, witness tampering, witness tampering by influencing testimony and corruptly persuading a federal witness.
His friend Karl Demmler, once the owner of a Dublin tavern, was convicted on the same counts. Demmler will be sentenced at a later date.
Poulsen still must stand trial on fraud charges stemming from the 2002 collapse of National Century. Shortly before his witness tampering trial, five executives of the former company were convicted on charges stemming from the government’s claim that as much as $2.89 billion from investors was lost in a fraud they conducted at the company.
Four of those executives were sentenced this week. Rebecca Parrett, also convicted, disappeared from her Arizona home where she was sent to await sentencing. Government officials continue to search for her.
Raising objections
When U.S. marshals led a shackled Poulsen into the courtroom Friday, he mouthed “thank you” to supporters in the gallery. During a break in the hearing, he turned around in his chair to smile and wink at his wife.
Before Marbley sentenced Poulsen, attorneys for the government and the former executive sparred over a presentence investigation report. Lawyer William Terpening criticized the report’s recommendation that Poulsen serve more time in prison because of the loss investors suffered in National Century’s failure. The report, Terpening said, alleges investors suffered billions of dollars in losses but it doesn’t take into account money the government recovered.
The money recovered since National Century’s bankruptcy should not be counted against the total loss, said Leo Wise, an attorney for the government, because it was recovered without help from Poulsen. Marbley agreed with government.
Terpening also argued that the report’s assertion that sophisticated means used in the fraud should be considered when sentencing Poulsen is incorrect because the former CEO hasn’t been convicted of fraud. Marbley said he found those so-called sophisticated means were used in not just the crime proven in the trial that Poulsen tried to influence, but also in the witness tampering case.
“They went to great lengths to avoid detection,” Marbley said of Poulsen and Demmler and a complicated transfer of money the two had planned.
Friday, August 8, 2008 - 2:09 PM EDT | Modified: Friday, August 8, 2008 - 2:15 PM
NCFE’s Poulsen gets 10 years on witness tampering attempt
Business First of Columbus - by Kevin Kemper
Lance Poulsen, who once headed the former National Century Financial Enterprises Inc., was sentenced Friday to 10 years in prison and a fine for trying to get a witness to change her testimony at his upcoming fraud trial linked to the company’s collapse.
U.S. District Court Judge Algenon Marbley handed down the sentence, ordering prison time as well as a $17,500 fine.
“This was an egregious offense,” Marbley said. “It goes to the integrity of the judicial process.”
Marbley also sentenced Poulsen, who co-founded National Century, to three years of supervised release once he completes his time in jail.
Poulsen was eligible to serve 35 years in prison. Marbley said that duration would have been an excessive sentence.
A jury found Poulsen, 65, guilty in March of attempting to bribe Sherry Gibson, a former National Century employee and federal witness, into changing her testimony for an upcoming trial in which Poulsen is accused of fraud. Poulsen was convicted of conspiracy to obstruct justice, witness tampering, witness tampering by influencing testimony and corruptly persuading a federal witness.
His friend Karl Demmler, once the owner of a Dublin tavern, was convicted on the same counts. Demmler will be sentenced at a later date.
Poulsen still must stand trial on fraud charges stemming from the 2002 collapse of National Century. Shortly before his witness tampering trial, five executives of the former company were convicted on charges stemming from the government’s claim that as much as $2.89 billion from investors was lost in a fraud they conducted at the company.
Four of those executives were sentenced this week. Rebecca Parrett, also convicted, disappeared from her Arizona home where she was sent to await sentencing. Government officials continue to search for her.
Raising objections
When U.S. marshals led a shackled Poulsen into the courtroom Friday, he mouthed “thank you” to supporters in the gallery. During a break in the hearing, he turned around in his chair to smile and wink at his wife.
Before Marbley sentenced Poulsen, attorneys for the government and the former executive sparred over a presentence investigation report. Lawyer William Terpening criticized the report’s recommendation that Poulsen serve more time in prison because of the loss investors suffered in National Century’s failure. The report, Terpening said, alleges investors suffered billions of dollars in losses but it doesn’t take into account money the government recovered.
The money recovered since National Century’s bankruptcy should not be counted against the total loss, said Leo Wise, an attorney for the government, because it was recovered without help from Poulsen. Marbley agreed with government.
Terpening also argued that the report’s assertion that sophisticated means used in the fraud should be considered when sentencing Poulsen is incorrect because the former CEO hasn’t been convicted of fraud. Marbley said he found those so-called sophisticated means were used in not just the crime proven in the trial that Poulsen tried to influence, but also in the witness tampering case.
“They went to great lengths to avoid detection,” Marbley said of Poulsen and Demmler and a complicated transfer of money the two had planned.
How did James K Happ Arrive at NCFE? Better yet.....
WHY did James K Happ work at NCFE? Where did this man come from before he arrived at NCFE? and WHEN? Why is James K Happ the LAST MAN STANDING TRIAL?
December,,,,,,,AFTER THE ELECTION......Think there is no connection?
James K. Happ, a certified public accountant and former executive vice president for servicer operations......
"In a scheme which lasted for years.....
"These sentences mark the end of a nearly six-year march to justice.....
DOJ : "These sentences mark the end..."
THE END ? What about trials in October and more importantly December ....
Just like the "Market Analysts" MISSED this SCHEME.....(Not sure if that is true)
But we must question if our '4th ARM of Government'(Journalists) Missing the TRUE ACCURATE SCHEME!
Now with statements like this, "When National Century collapsed in November 2002, more than 275 health-care providers ..." one could think that NCFE was the responsible sole party for the Bankruptcyof 275 health-care provders.....
But what 'financial state' were these providers in when they SOLD their Receivables in the first place? How much was NCFE promising for their receivables? Pennieson the dollar? WAKE UP!!!
FOR IMMEDIATE RELEASE
Thursday, August 7, 2008
WWW.USDOJ.GOVCRM
(202) 514-2007
TDD (202) 514-1888
Former National Century Financial Enterprises Executives Sentenced for Roles in $3 Billion Securities Fraud Scheme
WASHINGTON – Four former National Century Financial Enterprises (NCFE) executives have been sentenced for their roles in a scheme to deceive investors about the financial health of NCFE, Acting Assistant Attorney General Matthew Friedrich and U.S. Attorney Gregory G. Lockhart of the Southern District of Ohio announced today. NCFE, formerly based in Dublin, Ohio, was one of the largest healthcare finance companies in the United States until it filed for bankruptcy in November 2002.
Donald H. Ayers, 72, of Fort Myers, Fla., an NCFE vice chairman, chief operating officer, director and owner of the company, was sentenced on Aug. 6, 2008, to 15 years in prison for conspiracy, securities fraud and money laundering.
Randolph H. Speer, 57, of Peachtree City, Ga., NCFE’s chief financial officer, was sentenced on Aug. 6, 2008, to 12 years in prison for conspiracy, securities fraud, wire fraud and money laundering.
Roger S. Faulkenberry, 47, of Dublin, a senior executive responsible for raising money from investors, was sentenced on Aug. 7, 2008, to ten years in prison for conspiracy, securities fraud, wire fraud and money laundering.
James E. Dierker, 40, of Powell, Ohio, associate director of marketing and vice president of client development, was sentenced on Aug. 7, 2008, to five years in prison for conspiracy and money laundering.
Rebecca S. Parrett, 59, of Carefree, Ariz., an NCFE vice chairman, secretary, treasurer, director and owner of the company, became a fugitive following the March 2008 jury verdict. She faces a maximum penalty of 75 years in prison and $2.5 million in fines.
U.S. District Court Judge Algenon Marbley also ordered the defendants to forfeit $1.7 billion of property representing the proceeds of the conspiracy and to pay restitution of $2.3 billion.
"In a scheme which lasted for years, these defendants purposely misled the investing public about National Century, its financial health, and the way in which it did business," said Acting Assistant Attorney General Matthew Friedrich. "When the facade collapsed and National Century filed for bankruptcy, investors were left holding the bag for billions of dollars in losses. The sentences handed down in this case justly reflect the gravity of the offenses."
"These sentences mark the end of a nearly six-year march to justice for the architects of the financial house of cards known as National Century," said Gregory G. Lockhart, U.S. Attorney for the Southern District of Ohio. "These crimes touched hundreds of thousands of Americans if they participated in a pension that invested in National Century, or had money in any of the financial institutions who bought securities from National Century."
"Unfortunately today’s sentencing does not immediately restore investor confidence or offer complete financial restitution for the victims of one of the largest corporate fraud investigations," said Assistant Director Kenneth W. Kaiser of the FBI Criminal Investigative Division. "The FBI and our law enforcement and regulatory partners will do whatever it takes so that no company, in small town America or major metropolitan cities alike, misrepresents their financial health and defrauds investors."
"The IRS, along with our law enforcement partners, will vigorously pursue corporate officers who victimize their investors and violate the public trust," said Internal Revenue Service (IRS) Chief of the Criminal Investigation Division Eileen Mayer. "Today's sentence demonstrates the government's determination to restore and ensure that trust."
Evidence was presented at trial in February 2008 that the defendants engaged in a scheme to deceive investors and rating agencies about the financial health of NCFE and how investor monies would be used. Between May 1998 and May 2001, NCFE sold notes to investors with a combined value of $4.4 billion, which evidence showed were actually worth approximately six cents on the dollar at the time of NCFE’s bankruptcy in November 2002.
Court documents show that NCFE presented a business model to investors and rating agencies that called for NCFE to purchase high-quality accounts receivable from healthcare providers using money NCFE obtained through the sale of asset-backed notes to institutional investors. Evidence at trial showed that the defendants knew that the business model NCFE presented to the investing public differed drastically from the way NCFE did business within its own walls and that NCFE was making up the information contained in monthly investor reports to make it appear as though NCFE was in compliance with its own governing documents.
Ayers, Speer, Faulkenberry, Dierker and Parrett were five of eight individuals indicted in the case in July 2007. Lance K. Poulsen was severed from the other defendants following his arrest on obstruction of justice charges on Oct. 18, 2007. He will be sentenced on the obstruction of justice charges on Aug. 8, 2008. Poulsen’s trial on conspiracy, securities fraud, wire fraud, mail fraud and money laundering charges is scheduled to begin Oct. 1, 2008. James K. Happ, a certified public accountant and former executive vice president for servicer operations will face charges of conspiracy and wire fraud at trial scheduled to begin Dec. 1, 2008. Jon A. Beacham, who was responsible for raising money from investors through the sale of notes, pleaded guilty to conspiracy and securities fraud on July 13, 2007, and awaits sentencing.
The case was prosecuted by Assistant U.S. Attorney Douglas Squires of the Southern District of Ohio, Senior Litigation Counsel Kathleen McGovern and Trial Attorney Wes R. Porter of the Criminal Division's Fraud Section, with assistance from Fraud Section Paralegal Specialists Crystal Curry and Sarah Marberg. The investigation was conducted by FBI agents Matt Daly, Ingrid Schmidt and Tad Morris; IRS Inspectors Greg Ruwe and Mark Bailey; U.S. Postal Inspector Dave Mooney; and U.S. Immigration and Customs Enforcement agent Celeste Koszut.
###
08-700
December,,,,,,,AFTER THE ELECTION......Think there is no connection?
James K. Happ, a certified public accountant and former executive vice president for servicer operations......
"In a scheme which lasted for years.....
"These sentences mark the end of a nearly six-year march to justice.....
DOJ : "These sentences mark the end..."
THE END ? What about trials in October and more importantly December ....
Just like the "Market Analysts" MISSED this SCHEME.....(Not sure if that is true)
But we must question if our '4th ARM of Government'(Journalists) Missing the TRUE ACCURATE SCHEME!
Now with statements like this, "When National Century collapsed in November 2002, more than 275 health-care providers ..." one could think that NCFE was the responsible sole party for the Bankruptcyof 275 health-care provders.....
But what 'financial state' were these providers in when they SOLD their Receivables in the first place? How much was NCFE promising for their receivables? Pennieson the dollar? WAKE UP!!!
FOR IMMEDIATE RELEASE
Thursday, August 7, 2008
WWW.USDOJ.GOVCRM
(202) 514-2007
TDD (202) 514-1888
Former National Century Financial Enterprises Executives Sentenced for Roles in $3 Billion Securities Fraud Scheme
WASHINGTON – Four former National Century Financial Enterprises (NCFE) executives have been sentenced for their roles in a scheme to deceive investors about the financial health of NCFE, Acting Assistant Attorney General Matthew Friedrich and U.S. Attorney Gregory G. Lockhart of the Southern District of Ohio announced today. NCFE, formerly based in Dublin, Ohio, was one of the largest healthcare finance companies in the United States until it filed for bankruptcy in November 2002.
Donald H. Ayers, 72, of Fort Myers, Fla., an NCFE vice chairman, chief operating officer, director and owner of the company, was sentenced on Aug. 6, 2008, to 15 years in prison for conspiracy, securities fraud and money laundering.
Randolph H. Speer, 57, of Peachtree City, Ga., NCFE’s chief financial officer, was sentenced on Aug. 6, 2008, to 12 years in prison for conspiracy, securities fraud, wire fraud and money laundering.
Roger S. Faulkenberry, 47, of Dublin, a senior executive responsible for raising money from investors, was sentenced on Aug. 7, 2008, to ten years in prison for conspiracy, securities fraud, wire fraud and money laundering.
James E. Dierker, 40, of Powell, Ohio, associate director of marketing and vice president of client development, was sentenced on Aug. 7, 2008, to five years in prison for conspiracy and money laundering.
Rebecca S. Parrett, 59, of Carefree, Ariz., an NCFE vice chairman, secretary, treasurer, director and owner of the company, became a fugitive following the March 2008 jury verdict. She faces a maximum penalty of 75 years in prison and $2.5 million in fines.
U.S. District Court Judge Algenon Marbley also ordered the defendants to forfeit $1.7 billion of property representing the proceeds of the conspiracy and to pay restitution of $2.3 billion.
"In a scheme which lasted for years, these defendants purposely misled the investing public about National Century, its financial health, and the way in which it did business," said Acting Assistant Attorney General Matthew Friedrich. "When the facade collapsed and National Century filed for bankruptcy, investors were left holding the bag for billions of dollars in losses. The sentences handed down in this case justly reflect the gravity of the offenses."
"These sentences mark the end of a nearly six-year march to justice for the architects of the financial house of cards known as National Century," said Gregory G. Lockhart, U.S. Attorney for the Southern District of Ohio. "These crimes touched hundreds of thousands of Americans if they participated in a pension that invested in National Century, or had money in any of the financial institutions who bought securities from National Century."
"Unfortunately today’s sentencing does not immediately restore investor confidence or offer complete financial restitution for the victims of one of the largest corporate fraud investigations," said Assistant Director Kenneth W. Kaiser of the FBI Criminal Investigative Division. "The FBI and our law enforcement and regulatory partners will do whatever it takes so that no company, in small town America or major metropolitan cities alike, misrepresents their financial health and defrauds investors."
"The IRS, along with our law enforcement partners, will vigorously pursue corporate officers who victimize their investors and violate the public trust," said Internal Revenue Service (IRS) Chief of the Criminal Investigation Division Eileen Mayer. "Today's sentence demonstrates the government's determination to restore and ensure that trust."
Evidence was presented at trial in February 2008 that the defendants engaged in a scheme to deceive investors and rating agencies about the financial health of NCFE and how investor monies would be used. Between May 1998 and May 2001, NCFE sold notes to investors with a combined value of $4.4 billion, which evidence showed were actually worth approximately six cents on the dollar at the time of NCFE’s bankruptcy in November 2002.
Court documents show that NCFE presented a business model to investors and rating agencies that called for NCFE to purchase high-quality accounts receivable from healthcare providers using money NCFE obtained through the sale of asset-backed notes to institutional investors. Evidence at trial showed that the defendants knew that the business model NCFE presented to the investing public differed drastically from the way NCFE did business within its own walls and that NCFE was making up the information contained in monthly investor reports to make it appear as though NCFE was in compliance with its own governing documents.
Ayers, Speer, Faulkenberry, Dierker and Parrett were five of eight individuals indicted in the case in July 2007. Lance K. Poulsen was severed from the other defendants following his arrest on obstruction of justice charges on Oct. 18, 2007. He will be sentenced on the obstruction of justice charges on Aug. 8, 2008. Poulsen’s trial on conspiracy, securities fraud, wire fraud, mail fraud and money laundering charges is scheduled to begin Oct. 1, 2008. James K. Happ, a certified public accountant and former executive vice president for servicer operations will face charges of conspiracy and wire fraud at trial scheduled to begin Dec. 1, 2008. Jon A. Beacham, who was responsible for raising money from investors through the sale of notes, pleaded guilty to conspiracy and securities fraud on July 13, 2007, and awaits sentencing.
The case was prosecuted by Assistant U.S. Attorney Douglas Squires of the Southern District of Ohio, Senior Litigation Counsel Kathleen McGovern and Trial Attorney Wes R. Porter of the Criminal Division's Fraud Section, with assistance from Fraud Section Paralegal Specialists Crystal Curry and Sarah Marberg. The investigation was conducted by FBI agents Matt Daly, Ingrid Schmidt and Tad Morris; IRS Inspectors Greg Ruwe and Mark Bailey; U.S. Postal Inspector Dave Mooney; and U.S. Immigration and Customs Enforcement agent Celeste Koszut.
###
08-700
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