John Snoble, former chief financial officer and vice president/controller at National Century Financial Enterprises, Dublin, Ohio, pleaded guilty to one count of conspiracy to launder the proceeds of securities fraud in U.S. District Court in Columbus, Ohio. Snoble admitted to helping hide losses estimated at between $2.1 billion and $2.9 billion at the healthcare receivables company, according to the U.S. attorney's office for the Southern District of Ohio. He faces up to five years in jail, mandatory restitution and three years of supervision after his release.
Snoble is the third NCFE executive to plead guilty in connection with financial fraud that led the company to file for bankruptcy in 2002, devastating several providers that depended on it for cash flow. Sherry Gibson, former executive of compliance, was sentenced to a four-year prison term in June. Brian Stucke, former NCFE director of compliance, pleaded guilty in December and is awaiting sentencing. At least 10 NCFE executives were accused by the U.S. attorney's office of conspiring to defraud investors. -- by Paul Barr