First NCFE Exec Pleads Guilty To Securities Fraud

Law360, New York (July 13, 2007, 12:00 AM EDT) -- A former executive of collapsed health care finance company National Century Financial Enterprises has pled guilty to fleecing investors out of billions of dollars just days after he and seven colleagues were indicted.

Jon A. Beacham, the ex-director of securitizations at NCFE, pled guilty on Friday to one count of conspiracy to commit securities fraud and wire fraud and one count of securities fraud. He agreed to forfeit $330,000 and will now face up to 10 years in prison and a $500,000 fine.

The remaining seven...
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