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Seven Indicted In $3B Fraud

Law360 (May 22, 2006, 12:00 AM EDT) -- Seven former executives of bankrupt financial services company National Century Financial Enterprises have been indicted by an Ohio grand jury for allegedly scamming investors out of $3 billion.

The complaint charges the former officers with conspiracy, securities fraud, wire fraud, mail fraud and money laundering. The government has also demanded the disgorgement of $2 billion in property tied up in the alleged money-laundering scheme.

The 60-count indictment names NCFE president Lance Poulson, Secretary Rebecca Parrett, Chief Operating Officer Donald Ayers, Director of Securitizations Roger Faulkenberry, Chief...
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