A federal appeals court has ordered two executives convicted in a $1.9 billion corporate fraud case to be resentenced.
Court orders resentencing for NCFE execs
The 6th U.S. Circuit Court of Appeals in Cincinnati said Wednesday the government hadn't proved Donald Ayers and Roger Faulkenberry were guilty of money laundering. Their convictions of conspiracy, securities fraud and wire fraud remain in place.
Faulkenberry is serving 10 years in prison, and Ayers is serving 15 years. They were convicted in 2008 with four other top executives from National Century Financial Enterprises, a Columbus health care financing company. Federal prosecutors likened the case to the Enron scandal.
The court said the government didn't prove that advances Faulkenberry and Ayers made to medical companies were designed to conceal the money's source.
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