Former National Century Financial Enterprises Executives Found Guilty on All Charges in $3 Billion Securities Fraud Scheme
03.13.08, 7:09 PM ET
Defendants Guilty of Conspiracy, Fraud and Money Laundering
WASHINGTON, March 13 /PRNewswire-USNewswire/ -- A federal jury has found five former executives of National Century Financial Enterprises (NCFE) guilty of conspiracy, fraud and money laundering, following a six-week trial and less than two days of deliberation, Assistant Attorney General Alice S. Fisher and U.S. Attorney Gregory G. Lockhart of the Southern District of Ohio announced today. The Columbus, Ohio, jury returned the guilty verdict on all charges contained in a 27-count superseding indictment stemming from a scheme to deceive investors about the financial health of NCFE. The company, which was 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, 71, of Fort Meyers, Fla., an NCFE vice chairman, chief operating officer, director and an owner of the company, was found guilty on charges of conspiracy, securities fraud and money laundering.
Rebecca S. Parrett, 59, of Carefree, Ariz., an NCFE vice chairman, secretary, treasurer, director and an owner of the company, was found guilty on charges of conspiracy, securities fraud, wire fraud and money laundering.
Randolph H. Speer, 58, of Peachtree City, Ga., NCFE's chief financial officer, was found guilty on charges of conspiracy, securities fraud, wire fraud and money laundering.
Roger S. Faulkenberry, 46, of Dublin, Ohio, a senior executive responsible for raising money from investors, was found guilty on charges of 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 found guilty on charges of conspiracy and money laundering.
"These convictions send a clear message to corporate America that executives will be brought to justice for lying to investors and misrepresenting the actions taken in their normal course of business," said Deputy Attorney General Mark Filip, chairman of the President's Corporate Fraud Task Force. "These are the latest successes in our efforts to improve the integrity of our financial markets."
"By holding accountable those who break the law, today's convictions help restore some of the faith and trust the public loses every time corporate executives defraud their investors. The jury's verdict demonstrates that the public will not stand by while company executives commit billion dollar frauds, leaving the honest investors to bear the losses they create," said Assistant Attorney General Alice S. Fisher. "I would like to thank the trial attorneys from the Fraud Section and the U.S. Attorney's Office as well as the FBI, IRS, Immigration and Customs Enforcement and U.S. Postal Inspection Service for their diligent and successful work on this case."
"The jury convicted company executives of building a financial house of cards and deceiving investors using financial sleight of hand," said Gregory G. Lockhart, United States Attorney for the Southern District of Ohio. "I commend the agents, investigators and prosecutors from the Fraud Section and our office for their hard work on this lengthy and complex case."
"This case is one of the largest corporate fraud investigations involving a privately held company headquartered in small town America," said Assistant Director Kenneth W. Kaiser of the FBI Criminal Investigative Division. "The FBI continues to leverage its corporate fraud expertise gained through large-scale investigations such as Enron and WorldCom, to ensure that corporations represent their true health. From Dublin, Ohio, to Houston, Texas to New York, New York, the message is clear that the FBI will not stand by as corporate executives manipulate their financial statements and conceal illegal activities from criminal and regulatory authorities."
"IRS aggressively pursues corporations and their officers who use their positions of trust for illegal activities. This kind of fraud touches the lives of many unsuspecting citizens and the public should know that the government is serious about holding corporations and their executives accountable," said Eileen C. Mayer, chief, Internal Revenue Service Criminal Investigation.
At trial, the government presented evidence 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 an aggregate value of $4.4 billion, which evidence presented at trial showed were worth approximately six cents on the dollar at the time of NCFE's bankruptcy in November 2002.
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. The evidence at trial showed that NCFE advanced money to health care providers without receipt of the requisite accounts receivable, oftentimes to healthcare providers that were owned in whole or in part by the defendants. The evidence further showed that the defendants lied to investors and rating agencies in order to cover up this fraud.
The evidence at trial showed that NCFE concealed from investors the shortfalls produced by this fraud by moving money back and forth between accounts, fabricating data in investor reports, incorporating false information into the accounting system, and making other false statements to investors and rating agencies. Moreover, the defendants' compensation was tied to the amount of money they advanced to healthcare providers and those providers' outstanding balance owed to NCFE. The government presented evidence at trial that 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.
Defendants face the following maximum penalties: Donald H. Ayers, 55 years in prison and $2.25 million in fines; Rebecca S. Parrett, 75 years in prison and $2.5 million in fines; Randolph H. Speer, 140 years in prison and $4.25 million in fines; Roger S. Faulkenberry, 85 years in prison and $2.5 million in fines; James E. Dierker, 65 years in prison and $1.75 million in fines.
The case was prosecuted by Assistant U.S. Attorney Douglas Squires of the Southern District of Ohio, Senior Trial Attorney Kathleen McGovern and Trial Attorney Wes R. Porter of the Fraud Section, with assistance from Fraud Section Paralegal Specialists Crystal Curry and Sarah Marberg, FBI agents Matt Daly, Ingrid Schmitt, and Tad Morris, IRS Inspectors Greg Ruwe and Mark Bailey, U.S. Postal Inspector Dave Mooney and ICE Agent Celeste Koszut.
SOURCE U.S. Department of Justice
Wednesday, April 30, 2008
Health-care providers acknowledged that they took money out of the lockboxes ....Providers are the clue as to where to follow the money!
Take a really deep look into where the money is.
Where did this begin? We never address the "ROOT" of the problem.
NATIONAL CENTURY
Prosecutors look to take executives' homes, cars
Monday, April 28, 2008 3:17 AM
By Jodi Andes
THE COLUMBUS DISPATCH
Click to enlarge
Complete coveragePension funds and public and private investors lost a total of $1.9 billion when National Century Financial Enterprises collapsed, the investors say.
This week, federal prosecutors begin trying to recoup some of that money by asking a judge to make five recently convicted company executives financially responsible.
Prosecutors are trying to attach a $1.7 billion IOU to each of the defendants. The amount reflects losses that were proved at trial. Assets would be collected from each until $1.7 billion is recovered.
To accomplish that, prosecutors will be going for "every last penny" the defendants have, Assistant U.S. Attorney Doug Squires said in federal filings.
That means such things as Donald H. Ayers' million-dollar homes and Rebecca S. Parrett's art gallery as well as cars, televisions and jewelry.
It's difficult to gauge how much can be recouped, said Fred Alverson, spokesman for the U.S. attorney's office.
Prosecutors estimate that Ayers made more than $7.4 million while working at National Century; Parrett, $7.6 million; Randolph H. Speer, around $1.2 million; Roger S. Faulkenberry, about $2.3 million; and James E. Dierker Jr., more than $712,000.
If U.S. District Judge Algenon L. Marbley agrees that the five should be held financially responsible, prosecutors will follow up with filings spelling out what the government hopes to seize, Squires said. Marbley is expected to rule in June.
Squires declined to elaborate on what the government will try to take. However, from earlier court filings, it's obvious that prosecutors have their sights on the defendants' homes, no matter whose name is on the deed.
Ayers has argued against forfeiting his Muirfield Village home because it's in his wife's name. Faulkenberry, too, lives in a home owned solely by his wife. He signed the house over to her in November 2002, the same month the company filed for bankruptcy, according to Delaware County records.
Parrett opened an art gallery in Carefree, Ariz., in 2005 and owns a personal art collection, according to news reports at the time.
If the judge agrees, the government could take her property even though Parrett disappeared in March and remains at large, Parrett's attorney, Greg Peterson, said. "He can proceed with her in absentia."
Court filings to date don't say what the executives own.
However, after the trial, Ayers withdrew $800,000 from a bank account, according to court testimony. Squires told Marbley the withdrawal showed that Ayers, like Parrett, is likely to flee. But Ayers' attorney, Brian Dickerson, said the money was to pay for past and future legal expenses.
What the government collects might be far less than $1.7 billion, Alverson conceded, but that is not a concern. "It's important to have that judgment against them in case they ever come into a large sum of money."
Any inheritance or lottery winnings, for example, could be seized, he said. Defense attorneys say their clients are broke.
Faulkenberry's and Speer's assets ran out before the February trial, and taxpayers covered the cost of their court-appointed attorneys; Parrett's Arizona home is in foreclosure, and she is practically indigent, Peterson said at the trial's end.
"It's not taken," James Ervin Jr., one of Speer's two attorneys, said of the money the government claims is owed. "And it's not in a Swiss bank account. It's not buried in a backyard.
"It's where it has always been, in lockboxes," Ervin said, referring to where National Century kept money before it was disbursed.
The company took over bills owed to health-care providers, offering them a lesser amount of cash upfront to pay their expenses. As insurance companies and government programs such as Medicaid paid the bills, National Century held the money in lockboxes.
Some was kept as company profit. Other money went to National Century investors.
Health-care providers acknowledged that they took money out of the lockboxes to stay afloat after National Century filed for bankruptcy. Defendants called it theft.
Kathy Patrick, an attorney who represents the largest group of investors in civil lawsuits against National Century, said she thinks the executives have more money than they admit, saying that Parrett has had the financial means to stay on the lam for a month.
Patrick said she anticipates that the government "will just hound people" until it gets the money.
jandes@dispatch.com
Where did this begin? We never address the "ROOT" of the problem.
NATIONAL CENTURY
Prosecutors look to take executives' homes, cars
Monday, April 28, 2008 3:17 AM
By Jodi Andes
THE COLUMBUS DISPATCH
Click to enlarge
Complete coveragePension funds and public and private investors lost a total of $1.9 billion when National Century Financial Enterprises collapsed, the investors say.
This week, federal prosecutors begin trying to recoup some of that money by asking a judge to make five recently convicted company executives financially responsible.
Prosecutors are trying to attach a $1.7 billion IOU to each of the defendants. The amount reflects losses that were proved at trial. Assets would be collected from each until $1.7 billion is recovered.
To accomplish that, prosecutors will be going for "every last penny" the defendants have, Assistant U.S. Attorney Doug Squires said in federal filings.
That means such things as Donald H. Ayers' million-dollar homes and Rebecca S. Parrett's art gallery as well as cars, televisions and jewelry.
It's difficult to gauge how much can be recouped, said Fred Alverson, spokesman for the U.S. attorney's office.
Prosecutors estimate that Ayers made more than $7.4 million while working at National Century; Parrett, $7.6 million; Randolph H. Speer, around $1.2 million; Roger S. Faulkenberry, about $2.3 million; and James E. Dierker Jr., more than $712,000.
If U.S. District Judge Algenon L. Marbley agrees that the five should be held financially responsible, prosecutors will follow up with filings spelling out what the government hopes to seize, Squires said. Marbley is expected to rule in June.
Squires declined to elaborate on what the government will try to take. However, from earlier court filings, it's obvious that prosecutors have their sights on the defendants' homes, no matter whose name is on the deed.
Ayers has argued against forfeiting his Muirfield Village home because it's in his wife's name. Faulkenberry, too, lives in a home owned solely by his wife. He signed the house over to her in November 2002, the same month the company filed for bankruptcy, according to Delaware County records.
Parrett opened an art gallery in Carefree, Ariz., in 2005 and owns a personal art collection, according to news reports at the time.
If the judge agrees, the government could take her property even though Parrett disappeared in March and remains at large, Parrett's attorney, Greg Peterson, said. "He can proceed with her in absentia."
Court filings to date don't say what the executives own.
However, after the trial, Ayers withdrew $800,000 from a bank account, according to court testimony. Squires told Marbley the withdrawal showed that Ayers, like Parrett, is likely to flee. But Ayers' attorney, Brian Dickerson, said the money was to pay for past and future legal expenses.
What the government collects might be far less than $1.7 billion, Alverson conceded, but that is not a concern. "It's important to have that judgment against them in case they ever come into a large sum of money."
Any inheritance or lottery winnings, for example, could be seized, he said. Defense attorneys say their clients are broke.
Faulkenberry's and Speer's assets ran out before the February trial, and taxpayers covered the cost of their court-appointed attorneys; Parrett's Arizona home is in foreclosure, and she is practically indigent, Peterson said at the trial's end.
"It's not taken," James Ervin Jr., one of Speer's two attorneys, said of the money the government claims is owed. "And it's not in a Swiss bank account. It's not buried in a backyard.
"It's where it has always been, in lockboxes," Ervin said, referring to where National Century kept money before it was disbursed.
The company took over bills owed to health-care providers, offering them a lesser amount of cash upfront to pay their expenses. As insurance companies and government programs such as Medicaid paid the bills, National Century held the money in lockboxes.
Some was kept as company profit. Other money went to National Century investors.
Health-care providers acknowledged that they took money out of the lockboxes to stay afloat after National Century filed for bankruptcy. Defendants called it theft.
Kathy Patrick, an attorney who represents the largest group of investors in civil lawsuits against National Century, said she thinks the executives have more money than they admit, saying that Parrett has had the financial means to stay on the lam for a month.
Patrick said she anticipates that the government "will just hound people" until it gets the money.
jandes@dispatch.com
Monday, April 28, 2008
Just beginning to have "SUNSHINE" .....what really happened to heatlhcare ?
This is a good start, but the facts of the destruction in our Healthcare System in America has yet to be truly revealed.
From: http://www.americanchronicle.com/articles/59939
Nightline failed to report that similar suits are going on all over the country in an effort to stamp out the practice of Environmental Medicine. Case in point, the doctor treating over 400 Boeing employees for chemical injury in the state of Washington was sent threatening letters by the State Licensing Board in Washington.[1] John E. Bryson who sits on the board at Nightline's Disney/ABC also sits on the board at Boeing.
Round up the "good ol' boys" for another pass at genocide
So who else is around at Disney/ABC? Well, Richard Rainwater, a Texas billionaire owns a block of Disney/ABC. Rainwater is cofounder of the the largest for-profit hospital chain around, HCA/Healthcare, and an owner in a network of businesses which own and operate psychiatric hospitals.[2] He was also a partner with George W. Bush in ownership of the Texas Rangers until it was sold to Thomas Hicks.[3]
In 2000, HCA/Healthcare was the target of a federal government health fraud investigation, and subsequently paid hundreds of millions of dollars in civil penalties and criminal fraud charges. Want to hear one of the charges? It assured doctors joining its clinics that the company would use all their resources to ensure that any competing medical services failed.[4] (This needs deeper concentration)
The allergist used as a protagonist on Nightline's Show comes from University of Texas Southwestern Medical Center and if you go to ABC's website and look under 'health news', oddly enough, there are a preponderance of doctors from Southwestern Medical Center, many who malign alternative treatments for medical conditions. David A. Khan is there again, warning us in a video that acupuncture can have serious side effects.
After selling the Texas Rangers to Hicks, one of Bush's first acts as governor of Texas was to newly create a financial investment arm for the University of Texas and appoint Hicks as Chair. Now the public funds at U of T could be used to finance private projects. Nearly $9 million in state dollars from U of T were invested in Rainwater's holdings having to do with psychiatric care. So the University of Texas profits by increased use of psychiatric hospitals.[5][6]
Individual physicians working at University of Texas can also profit from increased use of drugs. CSPI's Integrity in Science Project currently lists 65 doctors at U of T who receive financial benefit from pharmaceutical companies. In addition, U of T Southwestern Medical Center lists 19 clinical trials for psychiatric drugs currently underway. Drug trials can be quite lucrative for participating physicians. The Wall Street Journal reported that doctors with academic affiliations have been paid as much as $30,000 per patient per drug trial, which translates to between $500,000 and a million dollars for participation in one study.[7] Doctors have also received five-figure consulting fees from pharmaceutical companies for nothing more than a commitment to prescribe the company's drugs.[8]
Moran failed to report on the broadcast that 16% of the U.S. population reports increased sensitivity to chemicals and of this, 3.5% have been diagnosed with life-altering Chemical Sensitivity.[9] A greater than average number of these people are living on the mid-coast of California where environmental conditions are supportive of recovery. Last year Bush declared a State of Emergency in this same area calling for monthly aerial spraying of pesticides over residential areas. This is life-threatening to those with Chemical Sensitivity. With over 6 million people total in the spray area, 210,000 disabled people will have to move or face severe consequences. Outraged citizen's groups have organized to resist the spraying which began last year in Santa Cruz and Monterey counties. What part of Monterey County escaped being sprayed with poison? Why Pebble Beach where Richard Rainwater owns a home.[10]
What else does the spraying in California accomplish beside disposing of the chemically sensitive at a faster rate? It destroys epidemiological evidence that avoidance of toxic chemicals results in healing of chronic medical conditions. And you thought you got on the clattering train of your own accord.
Another owner in Disney/ABC is the Bass family, notably Rainwater's friend Sid R. Bass, fellow Texas billionaire and heir to the Richardson oil and gas fortune. Bass also owns companies that manufacture medical equipment and a company that provides worker compensation insurance. Oil and gas drilling destroys environments that people need to have healthy lives. But if you also make money from people becoming ill, then that becomes an added benefit. Bass and his siblings also donate large sums to U of T.[11][12]
Who else stands to lose by recognition of chemical sensitivity? Several other board members at Disney/ABC do. Two Board members at ABC also sit on the board of Proctor and Gamble, manufacturer of a host of products for everyday household use that contain toxic chemicals. Additionally, over half of P&G's line of prescription drugs are used for conditions recognized as allergies by Environmental Medicine physicians. For example, P&G sells Enablex, prescribed for overactive bladder, a condition which is expected to generate prescription sales of $2.25 billion dollars a year.[13] Another ABC board member sits on Estee Lauder's (perfume) board, and yet another sits on the board at Chlorox.
By attempting to discredit Dr. Rea, a recognized authority on Chemical Sensitivity, businesses who stand to lose by recognition of this illness proactively protect their interests at the expense of the health of millions of Americans.
"Recognition of this syndrome as an illness, with potential to cause permanent disability, could involve changes in health care coverage and delivery, awarding of workers´ compensation benefits, and the regulation of chemicals in the workplace and the environment in the United States." (P. J. Sparks, et al. "Multiple Chemical Sensitivity: A Clinical Perspective"; Journal of Occupational Medicine [1994; 36: 718-737])
From: http://www.americanchronicle.com/articles/59939
Nightline failed to report that similar suits are going on all over the country in an effort to stamp out the practice of Environmental Medicine. Case in point, the doctor treating over 400 Boeing employees for chemical injury in the state of Washington was sent threatening letters by the State Licensing Board in Washington.[1] John E. Bryson who sits on the board at Nightline's Disney/ABC also sits on the board at Boeing.
Round up the "good ol' boys" for another pass at genocide
So who else is around at Disney/ABC? Well, Richard Rainwater, a Texas billionaire owns a block of Disney/ABC. Rainwater is cofounder of the the largest for-profit hospital chain around, HCA/Healthcare, and an owner in a network of businesses which own and operate psychiatric hospitals.[2] He was also a partner with George W. Bush in ownership of the Texas Rangers until it was sold to Thomas Hicks.[3]
In 2000, HCA/Healthcare was the target of a federal government health fraud investigation, and subsequently paid hundreds of millions of dollars in civil penalties and criminal fraud charges. Want to hear one of the charges? It assured doctors joining its clinics that the company would use all their resources to ensure that any competing medical services failed.[4] (This needs deeper concentration)
The allergist used as a protagonist on Nightline's Show comes from University of Texas Southwestern Medical Center and if you go to ABC's website and look under 'health news', oddly enough, there are a preponderance of doctors from Southwestern Medical Center, many who malign alternative treatments for medical conditions. David A. Khan is there again, warning us in a video that acupuncture can have serious side effects.
After selling the Texas Rangers to Hicks, one of Bush's first acts as governor of Texas was to newly create a financial investment arm for the University of Texas and appoint Hicks as Chair. Now the public funds at U of T could be used to finance private projects. Nearly $9 million in state dollars from U of T were invested in Rainwater's holdings having to do with psychiatric care. So the University of Texas profits by increased use of psychiatric hospitals.[5][6]
Individual physicians working at University of Texas can also profit from increased use of drugs. CSPI's Integrity in Science Project currently lists 65 doctors at U of T who receive financial benefit from pharmaceutical companies. In addition, U of T Southwestern Medical Center lists 19 clinical trials for psychiatric drugs currently underway. Drug trials can be quite lucrative for participating physicians. The Wall Street Journal reported that doctors with academic affiliations have been paid as much as $30,000 per patient per drug trial, which translates to between $500,000 and a million dollars for participation in one study.[7] Doctors have also received five-figure consulting fees from pharmaceutical companies for nothing more than a commitment to prescribe the company's drugs.[8]
Moran failed to report on the broadcast that 16% of the U.S. population reports increased sensitivity to chemicals and of this, 3.5% have been diagnosed with life-altering Chemical Sensitivity.[9] A greater than average number of these people are living on the mid-coast of California where environmental conditions are supportive of recovery. Last year Bush declared a State of Emergency in this same area calling for monthly aerial spraying of pesticides over residential areas. This is life-threatening to those with Chemical Sensitivity. With over 6 million people total in the spray area, 210,000 disabled people will have to move or face severe consequences. Outraged citizen's groups have organized to resist the spraying which began last year in Santa Cruz and Monterey counties. What part of Monterey County escaped being sprayed with poison? Why Pebble Beach where Richard Rainwater owns a home.[10]
What else does the spraying in California accomplish beside disposing of the chemically sensitive at a faster rate? It destroys epidemiological evidence that avoidance of toxic chemicals results in healing of chronic medical conditions. And you thought you got on the clattering train of your own accord.
Another owner in Disney/ABC is the Bass family, notably Rainwater's friend Sid R. Bass, fellow Texas billionaire and heir to the Richardson oil and gas fortune. Bass also owns companies that manufacture medical equipment and a company that provides worker compensation insurance. Oil and gas drilling destroys environments that people need to have healthy lives. But if you also make money from people becoming ill, then that becomes an added benefit. Bass and his siblings also donate large sums to U of T.[11][12]
Who else stands to lose by recognition of chemical sensitivity? Several other board members at Disney/ABC do. Two Board members at ABC also sit on the board of Proctor and Gamble, manufacturer of a host of products for everyday household use that contain toxic chemicals. Additionally, over half of P&G's line of prescription drugs are used for conditions recognized as allergies by Environmental Medicine physicians. For example, P&G sells Enablex, prescribed for overactive bladder, a condition which is expected to generate prescription sales of $2.25 billion dollars a year.[13] Another ABC board member sits on Estee Lauder's (perfume) board, and yet another sits on the board at Chlorox.
By attempting to discredit Dr. Rea, a recognized authority on Chemical Sensitivity, businesses who stand to lose by recognition of this illness proactively protect their interests at the expense of the health of millions of Americans.
"Recognition of this syndrome as an illness, with potential to cause permanent disability, could involve changes in health care coverage and delivery, awarding of workers´ compensation benefits, and the regulation of chemicals in the workplace and the environment in the United States." (P. J. Sparks, et al. "Multiple Chemical Sensitivity: A Clinical Perspective"; Journal of Occupational Medicine [1994; 36: 718-737])
Tuesday, April 22, 2008
JPMorgan & JP Morgan Chase Bank N.A. & Family....KNOW the difference
JP Morgan Chase Bank N.A.
JP Morgan Chase Bank N.A.
2696 South Colorado Blvd
Denver, Colorado 80222
contact: Cashin White, VP Business Banking
Chase Bank has been playing an integral role in the development of privately financed companies throughout the Colorado Front Range, whether the business was originally capitalized with VC funds, Private Equity, Angel Investors, or other sources. Chase has been able to fill the basic banking needs for these businesses as they mature by providing the most competitive cash management products, loans, and concierge level customer service.
For example, each business is assigned a small team of experts from Chase to focus on anticipating their needs and providing custom made solutions. By leveraging the services available through Chase Bank, the portfolio clients can obtain low cost financing on equipment, real estate, business acquisitions, and lines of credit; high returns on their investments, and increase the efficiency of their cash flow cycle. Couple the products with state-of-the-art technology, on-line capabilities, and local bankers with a large branch presence, and the team aspect of our business service becomes apparent.
As Chase Bank aids in the growth and success of the portfolio clients, the benefits are not only realized on the bottom-line of the business, but within the partnering Venture Capital company, and ultimately throughout the Colorado economy.
About JPMorgan Chase
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $1.6 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its JPMorgan and Chase brands. Information about the firm is available at www.jpmorganchase.com
Media Contact:
JPMorgan - Pam Snook Tel: 212-270-7013, Email: pamela.v.snook@jpmchase.com
JPMorgan Private Equity Fund Services Launches DealVault Technology
New system tracks private equity investments valuation, risk and exposure globally
New York, April 1, 2008 - JPMorgan today announced the launch of DealVault, a new technology that tracks private equity investments valuations, performance, risk and exposure analysis globally.
JPMorgan Private Equity Fund Services (PEFS) developed DealVault to provide CFOs, deal and investor relations professionals with an advanced platform to centralize volumes of deal tracking information. DealVault integrates with accounting and back office systems, providing private equity investment professionals with one platform to administer every aspect of a private equity investment's lifecycle.
DealVault arms private equity investment professionals with new tools to:
Store portfolio company information in a web-based solution accessible globally
Package information in a robust, audit-controlled environment favored by auditors
Facilitate ongoing independent reviews valuations, performance against investment thesis and trend analysis
Reduce time spent aggregating and reconciling volumes of data tracking data
"As a top-tier private equity firm, we must utilize the most advanced, efficient and strategic technology platforms available, DealVault is all of these things wrapped into one," said Marc Unger, Chief Operating Officer of CCMP Capital.
James Hutter, Global Business Executive of JPMorgan PEFS, said: "DealVault is the industrial strength tool the private equity investment industry has been waiting for, particularly given valuation concerns in today's volatile market. The industry now has a dynamic, efficient and fully integrated solution that provides the controls and security that deal professionals and financial executives need."
JPMorgan PEFS provides a full suite of administration services to private equity investment firms, real estate firms and institutional investors. JPMorgan PEFS, which premiered in 2005, was ranked as Top Rated Firm Overall for Private Equity Administration by private equity firms in a recent global industry survey.
JPMorgan PEFS currently services more than 200 funds representing $50 billion in committed capital, and serves the world's largest and most sophisticated institutional investors with $110 billion in aggregate committed capital across thousands of private equity investments. PEFS has more than 160 professionals, with decades of experience, and locations in New York, London, Sydney, San Francisco, Chicago and Dallas.
For more information on JPMorgan Private Equity Fund Services go to www.jpmorgan.com/visit/PEFS
About JPMorgan Chase
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $1.6 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its JPMorgan and Chase brands. Information about the firm is available at www.jpmorganchase.com
Media Contact:
JPMorgan - Pam Snook Tel: 212-270-7013, Email: pamela.v.snook@jpmchase.com
JPMorgan to Acquire ClimateCare e-mail print Mar 26, 2008
Combination will create a leading market-maker in carbon emission reductions
London, March 26, 2008 - JPMorgan through its investment bank, and ClimateCare, a pioneer in carbon emission reductions, announced today that they will join forces in an acquisition to invest in quality, large-scale carbon emission reduction projects and to advance the development of a liquid financial market that trades in carbon emission reduction credits.
Upon closing of the transaction, expected sometime in the second quarter, ClimateCare will be integrated into JPMorgan's existing world class Environmental Markets group. The combined group will originate carbon emission reduction projects globally and trade the carbon emission reduction credits generated by the projects in the compliance and voluntary markets.
The group will initially operate under the JPMorgan and ClimateCare brand names.
Blythe Masters, head of Commodities at JPMorgan, said: "Clients are seeking to reduce their emissions both due to regulations and out of social responsibility. This transaction positions JPMorgan to offer the highest-quality advice and execution in emerging carbon emissions markets."
She continued: "A big challenge needs a big approach. It is fitting that a first tier financial institution like JPMorgan is now backing the pioneering work of ClimateCare."
Mike Mason, founder of ClimateCare, said: "After building up this business for over a decade, becoming part of JPMorgan is exactly what ClimateCare needs in order to grow rapidly and achieve its goal of having the biggest impact possible in tackling climate change."
He continued: "Together with JPMorgan, ClimateCare can now deliver its expertise on a truly global scale, and work with hundreds of major partners around the world to facilitate the roll-out of low-carbon technologies at the scale and pace required to make a genuine difference to our environment."
JPMorgan and ClimateCare anticipate originating projects that will materially increase ClimateCare's capacity to reduce carbon emissions.
Financial terms of the acquisition were not disclosed.
JPMorgan and ClimateCare affirmed their commitment to adopting and promoting universal standards to measure the impact of carbon emission reduction projects in the voluntary market. Universal standards will promote much needed transparency and liquidity in carbon emissions trading.
All projects originated by the group will continue to be subject to JPMorgan and ClimateCare's strict independent verification procedures to ensure compliance with stated carbon emission reduction goals. Also, as part of the acquisition, ClimateCare's project sourcing arm, Pioneer Carbon, will become part of the newly combined business.
ClimateCare's acquisition represents a new milestone in JPMorgan's ongoing investment in its Commodities business. In 2007, JPMorgan hired over 50 new marketing, sales and trading professionals in Commodities and will hire as least as many in 2008.
JPMorgan adopted a comprehensive environmental policy in 2005 that includes a strong commitment to addressing climate change by reducing its carbon emissions and working with its clients to do so in their business activities. For example, the firm recently helped to create the Carbon Principles, a multi-stakeholder engagement to address the risk of carbon in the U.S. power sector.
# # #
About JPMorgan
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $1.6 trillion and operations in more than 50 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase has its corporate headquarters in New York and its U.S. retail financial services and commercial banking headquarters in Chicago. Under its JPMorgan and Chase brands, the firm serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients.
About ClimateCare
ClimateCare is a world leading carbon offset provider, founded in 1997, making reductions of greenhouse gases such as co2 on behalf of individuals and companies.
These reductions are made through originating and investing in a global portfolio of renewable energy and energy efficiency projects, many of which are developed by ClimateCare's experts based around the world. The emissions reductions from all projects are independently verified and accredited under leading international standards such as GS VER, VCS and CDM and many bring huge benefits to people's health and welfare as well as helping to protect the climate. For more information please visit www.climatecare.org
Media Contacts:
Colette Campbell, +44-20-7325-7084, colette.c.campbell@jpmorgan.com
Michael Buick, +44-1865-207-012, press@climatecare.org
JPMorgan Chase (NYSE: JPM) is a leading global financial services firm with assets of $1.6 trillion.
We operate in more than 60 countries.
We have 180,000 employees.
We serve millions of U.S. consumers and many of the world's most prominent corporate, institutional and government clients.
We are a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity.
We are a component of the Dow Jones Industrial Average.
Our corporate headquarters are in New York and our U.S. consumer and commercial banking headquarters are in Chicago.
Our brands
JPMorgan Chase is the brand used by:
The firm's subsidiaries,
Treasury Services and
Our Community Development Group.
JPMorgan clients include the world's most prominent corporations, governments, wealthy individuals and institutional investors. The following businesses use the JPMorgan brand:
Investment Bank
Asset Management
Worldwide Securities Services
Private Banking
Private Client Services
One Equity Partners
The U.S. consumer and commercial banking businesses serve customers under the Chase brand.
The consumer businesses include:
Credit card
Small business
Home finance and home equity loans
Auto finance
Education finance
Insurance
The commercial banking businesses include:
Middle Market
Corporate
Commercial Real Estate
Business Credit
Equipment Leasing
Community partnership
The brands JPMorgan Chase, JPMorgan and Chase are currently used in the marketplace to deliver community partnership capabilities around the world. Leadership in community partnership is part of the enduring culture of JPMorgan Chase.
JPMorgan offers expertise across wealth management disciplines to help clients advance towards their goals. As advisor to over 40% of the individuals on the Forbes Billionaires list* and the Forbes 400 Wealthiest Americans**, the insights JPMorgan brings to bear are the results of more than 160 years of experience helping individuals and their families grow, manage and sustain their wealth, to ultimately leave a lasting legacy. JPMorgan's wealth management solutions are provided through JPMorgan Private Bank and JPMorgan Private Client Services.
*JPMorgan has a relationship with over 40% of individuals on the Forbes Billionaires list in its established markets and excludes Japan, Germany and Russia (February 2005).
** As of September 2006.
Products and services, including fiduciary and custody products and services, are offered through JPMorgan Chase Bank, N.A. and its affiliates. Securities are offered by J.P. Morgan Securities Inc., member FINRA, NYSE and SIPC. J.P. Morgan Securities Inc. is an affiliate of JPMorgan Chase Bank, N.A.
Investment products: Not FDIC insured • No bank guarantee • May lose value
Please read the Legal Disclaimer in conjunction with these pages.
JPMorgan offers expertise across wealth management disciplines to help clients advance towards their goals. As advisor to over 40% of the individuals on the Forbes Billionaires list* and the Forbes 400 Wealthiest Americans**, the insights JPMorgan brings to bear are the results of more than 160 years of experience helping individuals and their families grow, manage and sustain their wealth, to ultimately leave a lasting legacy. JPMorgan's wealth management solutions are provided through JPMorgan Private Bank and JPMorgan Private Client Services.
*JPMorgan has a relationship with over 40% of individuals on the Forbes Billionaires list in its established markets and excludes Japan, Germany and Russia (February 2005).
** As of September 2006.
Products and services, including fiduciary and custody products and services, are offered through JPMorgan Chase Bank, N.A. and its affiliates. Securities are offered by J.P. Morgan Securities Inc., member FINRA, NYSE and SIPC. J.P. Morgan Securities Inc. is an affiliate of JPMorgan Chase Bank, N.A.
Investment products: Not FDIC insured • No bank guarantee • May lose value
Please read the Legal Disclaimer in conjunction with these pages.
JP Morgan Chase Bank N.A.
2696 South Colorado Blvd
Denver, Colorado 80222
contact: Cashin White, VP Business Banking
Chase Bank has been playing an integral role in the development of privately financed companies throughout the Colorado Front Range, whether the business was originally capitalized with VC funds, Private Equity, Angel Investors, or other sources. Chase has been able to fill the basic banking needs for these businesses as they mature by providing the most competitive cash management products, loans, and concierge level customer service.
For example, each business is assigned a small team of experts from Chase to focus on anticipating their needs and providing custom made solutions. By leveraging the services available through Chase Bank, the portfolio clients can obtain low cost financing on equipment, real estate, business acquisitions, and lines of credit; high returns on their investments, and increase the efficiency of their cash flow cycle. Couple the products with state-of-the-art technology, on-line capabilities, and local bankers with a large branch presence, and the team aspect of our business service becomes apparent.
As Chase Bank aids in the growth and success of the portfolio clients, the benefits are not only realized on the bottom-line of the business, but within the partnering Venture Capital company, and ultimately throughout the Colorado economy.
About JPMorgan Chase
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $1.6 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its JPMorgan and Chase brands. Information about the firm is available at www.jpmorganchase.com
Media Contact:
JPMorgan - Pam Snook Tel: 212-270-7013, Email: pamela.v.snook@jpmchase.com
JPMorgan Private Equity Fund Services Launches DealVault Technology
New system tracks private equity investments valuation, risk and exposure globally
New York, April 1, 2008 - JPMorgan today announced the launch of DealVault, a new technology that tracks private equity investments valuations, performance, risk and exposure analysis globally.
JPMorgan Private Equity Fund Services (PEFS) developed DealVault to provide CFOs, deal and investor relations professionals with an advanced platform to centralize volumes of deal tracking information. DealVault integrates with accounting and back office systems, providing private equity investment professionals with one platform to administer every aspect of a private equity investment's lifecycle.
DealVault arms private equity investment professionals with new tools to:
Store portfolio company information in a web-based solution accessible globally
Package information in a robust, audit-controlled environment favored by auditors
Facilitate ongoing independent reviews valuations, performance against investment thesis and trend analysis
Reduce time spent aggregating and reconciling volumes of data tracking data
"As a top-tier private equity firm, we must utilize the most advanced, efficient and strategic technology platforms available, DealVault is all of these things wrapped into one," said Marc Unger, Chief Operating Officer of CCMP Capital.
James Hutter, Global Business Executive of JPMorgan PEFS, said: "DealVault is the industrial strength tool the private equity investment industry has been waiting for, particularly given valuation concerns in today's volatile market. The industry now has a dynamic, efficient and fully integrated solution that provides the controls and security that deal professionals and financial executives need."
JPMorgan PEFS provides a full suite of administration services to private equity investment firms, real estate firms and institutional investors. JPMorgan PEFS, which premiered in 2005, was ranked as Top Rated Firm Overall for Private Equity Administration by private equity firms in a recent global industry survey.
JPMorgan PEFS currently services more than 200 funds representing $50 billion in committed capital, and serves the world's largest and most sophisticated institutional investors with $110 billion in aggregate committed capital across thousands of private equity investments. PEFS has more than 160 professionals, with decades of experience, and locations in New York, London, Sydney, San Francisco, Chicago and Dallas.
For more information on JPMorgan Private Equity Fund Services go to www.jpmorgan.com/visit/PEFS
About JPMorgan Chase
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $1.6 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its JPMorgan and Chase brands. Information about the firm is available at www.jpmorganchase.com
Media Contact:
JPMorgan - Pam Snook Tel: 212-270-7013, Email: pamela.v.snook@jpmchase.com
JPMorgan to Acquire ClimateCare e-mail print Mar 26, 2008
Combination will create a leading market-maker in carbon emission reductions
London, March 26, 2008 - JPMorgan through its investment bank, and ClimateCare, a pioneer in carbon emission reductions, announced today that they will join forces in an acquisition to invest in quality, large-scale carbon emission reduction projects and to advance the development of a liquid financial market that trades in carbon emission reduction credits.
Upon closing of the transaction, expected sometime in the second quarter, ClimateCare will be integrated into JPMorgan's existing world class Environmental Markets group. The combined group will originate carbon emission reduction projects globally and trade the carbon emission reduction credits generated by the projects in the compliance and voluntary markets.
The group will initially operate under the JPMorgan and ClimateCare brand names.
Blythe Masters, head of Commodities at JPMorgan, said: "Clients are seeking to reduce their emissions both due to regulations and out of social responsibility. This transaction positions JPMorgan to offer the highest-quality advice and execution in emerging carbon emissions markets."
She continued: "A big challenge needs a big approach. It is fitting that a first tier financial institution like JPMorgan is now backing the pioneering work of ClimateCare."
Mike Mason, founder of ClimateCare, said: "After building up this business for over a decade, becoming part of JPMorgan is exactly what ClimateCare needs in order to grow rapidly and achieve its goal of having the biggest impact possible in tackling climate change."
He continued: "Together with JPMorgan, ClimateCare can now deliver its expertise on a truly global scale, and work with hundreds of major partners around the world to facilitate the roll-out of low-carbon technologies at the scale and pace required to make a genuine difference to our environment."
JPMorgan and ClimateCare anticipate originating projects that will materially increase ClimateCare's capacity to reduce carbon emissions.
Financial terms of the acquisition were not disclosed.
JPMorgan and ClimateCare affirmed their commitment to adopting and promoting universal standards to measure the impact of carbon emission reduction projects in the voluntary market. Universal standards will promote much needed transparency and liquidity in carbon emissions trading.
All projects originated by the group will continue to be subject to JPMorgan and ClimateCare's strict independent verification procedures to ensure compliance with stated carbon emission reduction goals. Also, as part of the acquisition, ClimateCare's project sourcing arm, Pioneer Carbon, will become part of the newly combined business.
ClimateCare's acquisition represents a new milestone in JPMorgan's ongoing investment in its Commodities business. In 2007, JPMorgan hired over 50 new marketing, sales and trading professionals in Commodities and will hire as least as many in 2008.
JPMorgan adopted a comprehensive environmental policy in 2005 that includes a strong commitment to addressing climate change by reducing its carbon emissions and working with its clients to do so in their business activities. For example, the firm recently helped to create the Carbon Principles, a multi-stakeholder engagement to address the risk of carbon in the U.S. power sector.
# # #
About JPMorgan
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $1.6 trillion and operations in more than 50 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase has its corporate headquarters in New York and its U.S. retail financial services and commercial banking headquarters in Chicago. Under its JPMorgan and Chase brands, the firm serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients.
About ClimateCare
ClimateCare is a world leading carbon offset provider, founded in 1997, making reductions of greenhouse gases such as co2 on behalf of individuals and companies.
These reductions are made through originating and investing in a global portfolio of renewable energy and energy efficiency projects, many of which are developed by ClimateCare's experts based around the world. The emissions reductions from all projects are independently verified and accredited under leading international standards such as GS VER, VCS and CDM and many bring huge benefits to people's health and welfare as well as helping to protect the climate. For more information please visit www.climatecare.org
Media Contacts:
Colette Campbell, +44-20-7325-7084, colette.c.campbell@jpmorgan.com
Michael Buick, +44-1865-207-012, press@climatecare.org
JPMorgan Chase (NYSE: JPM) is a leading global financial services firm with assets of $1.6 trillion.
We operate in more than 60 countries.
We have 180,000 employees.
We serve millions of U.S. consumers and many of the world's most prominent corporate, institutional and government clients.
We are a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity.
We are a component of the Dow Jones Industrial Average.
Our corporate headquarters are in New York and our U.S. consumer and commercial banking headquarters are in Chicago.
Our brands
JPMorgan Chase is the brand used by:
The firm's subsidiaries,
Treasury Services and
Our Community Development Group.
JPMorgan clients include the world's most prominent corporations, governments, wealthy individuals and institutional investors. The following businesses use the JPMorgan brand:
Investment Bank
Asset Management
Worldwide Securities Services
Private Banking
Private Client Services
One Equity Partners
The U.S. consumer and commercial banking businesses serve customers under the Chase brand.
The consumer businesses include:
Credit card
Small business
Home finance and home equity loans
Auto finance
Education finance
Insurance
The commercial banking businesses include:
Middle Market
Corporate
Commercial Real Estate
Business Credit
Equipment Leasing
Community partnership
The brands JPMorgan Chase, JPMorgan and Chase are currently used in the marketplace to deliver community partnership capabilities around the world. Leadership in community partnership is part of the enduring culture of JPMorgan Chase.
JPMorgan offers expertise across wealth management disciplines to help clients advance towards their goals. As advisor to over 40% of the individuals on the Forbes Billionaires list* and the Forbes 400 Wealthiest Americans**, the insights JPMorgan brings to bear are the results of more than 160 years of experience helping individuals and their families grow, manage and sustain their wealth, to ultimately leave a lasting legacy. JPMorgan's wealth management solutions are provided through JPMorgan Private Bank and JPMorgan Private Client Services.
*JPMorgan has a relationship with over 40% of individuals on the Forbes Billionaires list in its established markets and excludes Japan, Germany and Russia (February 2005).
** As of September 2006.
Products and services, including fiduciary and custody products and services, are offered through JPMorgan Chase Bank, N.A. and its affiliates. Securities are offered by J.P. Morgan Securities Inc., member FINRA, NYSE and SIPC. J.P. Morgan Securities Inc. is an affiliate of JPMorgan Chase Bank, N.A.
Investment products: Not FDIC insured • No bank guarantee • May lose value
Please read the Legal Disclaimer in conjunction with these pages.
JPMorgan offers expertise across wealth management disciplines to help clients advance towards their goals. As advisor to over 40% of the individuals on the Forbes Billionaires list* and the Forbes 400 Wealthiest Americans**, the insights JPMorgan brings to bear are the results of more than 160 years of experience helping individuals and their families grow, manage and sustain their wealth, to ultimately leave a lasting legacy. JPMorgan's wealth management solutions are provided through JPMorgan Private Bank and JPMorgan Private Client Services.
*JPMorgan has a relationship with over 40% of individuals on the Forbes Billionaires list in its established markets and excludes Japan, Germany and Russia (February 2005).
** As of September 2006.
Products and services, including fiduciary and custody products and services, are offered through JPMorgan Chase Bank, N.A. and its affiliates. Securities are offered by J.P. Morgan Securities Inc., member FINRA, NYSE and SIPC. J.P. Morgan Securities Inc. is an affiliate of JPMorgan Chase Bank, N.A.
Investment products: Not FDIC insured • No bank guarantee • May lose value
Please read the Legal Disclaimer in conjunction with these pages.
Three Convicted National Century Execs Kept In Jail,
Three Convicted National Century Execs Kept In Jail, One Released On Bond
April 18, 2008 in Health Fraud, Securities Fraud by Dave Westheimer | No comments
After a hearing in Columbus that lasted all day Wednesday, US District Judge Algenon Marbley ruled that convicted National Century Financial Enterprises executives Donald Ayers, Randolph Speer and Roger Faulkenberry were flight risks and will remain in custody. The fourth, James Dierker was released on bond pending sentencing. The four executives and a fifth, company co-founder Rebecca Parrett, were convicted on March 13 of securities fraud and related charges in connection with the company’s 2002 collapse (here and earlier). All were allowed to remain free on bond with electronic monitoring, but Parrett disappeared (here) and remains at large. The other four were taken into custody on April 2 following disclosure of an alleged plot to escape to Aruba (here and here). Dierker currently works in marketing for Victoria’s Secret, and testimony from the company’s president and CEO Sharen Turney apparently helped convince Judge Marbley that Dierker would not flee (Columbus Business First, AP).
Meanwhile, the US Marshal Service is offering a reward for information leading to the arrest of Parrett — but won’t say how much the reward is (Columbus Dispatch).
April 18, 2008 in Health Fraud, Securities Fraud by Dave Westheimer | No comments
After a hearing in Columbus that lasted all day Wednesday, US District Judge Algenon Marbley ruled that convicted National Century Financial Enterprises executives Donald Ayers, Randolph Speer and Roger Faulkenberry were flight risks and will remain in custody. The fourth, James Dierker was released on bond pending sentencing. The four executives and a fifth, company co-founder Rebecca Parrett, were convicted on March 13 of securities fraud and related charges in connection with the company’s 2002 collapse (here and earlier). All were allowed to remain free on bond with electronic monitoring, but Parrett disappeared (here) and remains at large. The other four were taken into custody on April 2 following disclosure of an alleged plot to escape to Aruba (here and here). Dierker currently works in marketing for Victoria’s Secret, and testimony from the company’s president and CEO Sharen Turney apparently helped convince Judge Marbley that Dierker would not flee (Columbus Business First, AP).
Meanwhile, the US Marshal Service is offering a reward for information leading to the arrest of Parrett — but won’t say how much the reward is (Columbus Dispatch).
Reward offered for missing National Century exec
GEEZ.......Should we wasit to see the "OTHER" executive flee the country?
Reward offered for missing National Century exec
Thursday, April 17, 2008 8:34 PM
By Jodi Andes
THE COLUMBUS DISPATCH
A reward is being offered for information leading to the arrest of former National Century Financial Enterprises executive Rebecca S. Parrett.
On March 13, Parrett was convicted in U.S. District Court in Columbus of securities fraud, money laundering and other charges related to the collapse of Dublin-based National Century.
Federal Judge Algenon L. Marbley allowed Parrett to return to her home in Arizona, where she was to be on house arrest pending sentencing. An arrest warrant was issued after she didn't show up by March 26 to be fitted for an electronic monitor.
The U.S. Marshal Service is offering the reward but won't say how much it is. Anyone with information is asked to call 614-469-5540.
Parrett has health-related issues and a parrot tattoo on her left arm.
jandes@dispatch.com
Reward offered for missing National Century exec
Thursday, April 17, 2008 8:34 PM
By Jodi Andes
THE COLUMBUS DISPATCH
A reward is being offered for information leading to the arrest of former National Century Financial Enterprises executive Rebecca S. Parrett.
On March 13, Parrett was convicted in U.S. District Court in Columbus of securities fraud, money laundering and other charges related to the collapse of Dublin-based National Century.
Federal Judge Algenon L. Marbley allowed Parrett to return to her home in Arizona, where she was to be on house arrest pending sentencing. An arrest warrant was issued after she didn't show up by March 26 to be fitted for an electronic monitor.
The U.S. Marshal Service is offering the reward but won't say how much it is. Anyone with information is asked to call 614-469-5540.
Parrett has health-related issues and a parrot tattoo on her left arm.
jandes@dispatch.com
Monday, April 21, 2008
Lance K. Poulsen was in a holding cell at the courthouse
National Century
Judge lets one convict out of jail
Wednesday, April 16, 2008 11:06 PM
By Jodi Andes
THE COLUMBUS DISPATCH
An admitted bank robber's story about former National Century executives' plans to escape to Aruba was so detailed that a federal judge said he couldn't risk letting them all go free on bond again.
But James E. Dierker Jr., National Century Financial Enterprise's former marketing director, is different, federal Judge Algenon L. Marbley said.
Dierker wasn't as high-ranking as the other convicts, nor as culpable in the company's fraud, the judge said. And Dierker could prove that he had not talked to the others from the time he left National Century in November 2002 until seeing them again in court.
“I'm also persuaded by the 100 letters sent in (to the court) that show he is tied to the community,” Marbley said after a nine-hour hearing today.
So Dierker will be allowed out. Family, friends and Victoria's Secret co-workers who wrote the letters packed the courtroom and wept and hugged one another at the news.
Meanwhile, former National Century executives Donald H. Ayers, Roger S. Faulkenberry and Randolph Speer will remain in the Franklin County jail. Today, they broke their silence and took the stand for the first time, saying there never was an escape plan.
Company founder Lance K. Poulsen was in a holding cell at the courthouse and could have denied making claims of an escape plan, but he was never called.
Dierker's freedom is temporary.
The Powell man is expected to be incarcerated after sentencing in late spring or early summer.
The whereabouts of another co-defendant, Rebecca S. Parrett, remain unknown. She never showed up in Arizona, where she was allowed to return for house arrest, in late March. That, coupled with claims by Robert Cihy, changed everything for the others, Marbley said.
Cihy, the admitted bank robber and crack-cocaine user, also testified today. In the end, Cihy's testimony proved more credible than Ayers', the judge said.
Cihy said he and Poulsen bonded while they sat in neighboring cells in the Ross County jail. Both were “anti-government,” and Poulsen boasted that Cihy should view him as a hero because National Century's $1.9 billion loss of investors' funds “messed up pension funds of police officers.”
He said Poulsen told him about an escape plan hatched by him and the other defendants, using a cruise ship and getting off in Aruba. Parrett's escape “put a kink in those plans,” Cihy said.
Ayers wasn't as believable because he had lied before, about not having a safe in his home where he had hidden a substantial amount of money, Assistant U.S. Attorney Doug Squires said.
And Ayers also removed $800,000 from a bank account after being convicted, the judge noted. The money was for past and future legal fees, he said.
Judge lets one convict out of jail
Wednesday, April 16, 2008 11:06 PM
By Jodi Andes
THE COLUMBUS DISPATCH
An admitted bank robber's story about former National Century executives' plans to escape to Aruba was so detailed that a federal judge said he couldn't risk letting them all go free on bond again.
But James E. Dierker Jr., National Century Financial Enterprise's former marketing director, is different, federal Judge Algenon L. Marbley said.
Dierker wasn't as high-ranking as the other convicts, nor as culpable in the company's fraud, the judge said. And Dierker could prove that he had not talked to the others from the time he left National Century in November 2002 until seeing them again in court.
“I'm also persuaded by the 100 letters sent in (to the court) that show he is tied to the community,” Marbley said after a nine-hour hearing today.
So Dierker will be allowed out. Family, friends and Victoria's Secret co-workers who wrote the letters packed the courtroom and wept and hugged one another at the news.
Meanwhile, former National Century executives Donald H. Ayers, Roger S. Faulkenberry and Randolph Speer will remain in the Franklin County jail. Today, they broke their silence and took the stand for the first time, saying there never was an escape plan.
Company founder Lance K. Poulsen was in a holding cell at the courthouse and could have denied making claims of an escape plan, but he was never called.
Dierker's freedom is temporary.
The Powell man is expected to be incarcerated after sentencing in late spring or early summer.
The whereabouts of another co-defendant, Rebecca S. Parrett, remain unknown. She never showed up in Arizona, where she was allowed to return for house arrest, in late March. That, coupled with claims by Robert Cihy, changed everything for the others, Marbley said.
Cihy, the admitted bank robber and crack-cocaine user, also testified today. In the end, Cihy's testimony proved more credible than Ayers', the judge said.
Cihy said he and Poulsen bonded while they sat in neighboring cells in the Ross County jail. Both were “anti-government,” and Poulsen boasted that Cihy should view him as a hero because National Century's $1.9 billion loss of investors' funds “messed up pension funds of police officers.”
He said Poulsen told him about an escape plan hatched by him and the other defendants, using a cruise ship and getting off in Aruba. Parrett's escape “put a kink in those plans,” Cihy said.
Ayers wasn't as believable because he had lied before, about not having a safe in his home where he had hidden a substantial amount of money, Assistant U.S. Attorney Doug Squires said.
And Ayers also removed $800,000 from a bank account after being convicted, the judge noted. The money was for past and future legal fees, he said.
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