An eighth former executive of National Century Financial Enterprises was indicted by a federal grand jury in Columbus, Ohio, on charges that included money-laundering conspiracy and conspiracy to defraud investors.
The 27-count indictment added James Happ of Palm Beach Gardens, Fla., to the list of former NCFE executives previously indicted in May 2006, including the Dublin, Ohio-based healthcare financing giants former president, chairman and chief executive officer Lance Poulsen.
Happ, a certified public accountant, was formerly NCFEs executive vice president for servicer operations, the indictment said. At deadline, efforts to reach Happ were unsuccessful. NCFE, which bought accounts receivable from healthcare providers, declared bankruptcy in November 2002. The companys collapse triggered the bankruptcy of roughly 275 healthcare providers. Federal authorities contend that NCFEs investors lost $2.6 billion.
The indictment is seeking $1.9 billion from defendants. The case is scheduled to go to trial in U.S. District Court in Columbus in November. -- by Melanie Evans