Top US financial executives are facing up to 140 years in jail after being found guilty of fraud
Accountancy Age, 17 Mar 2008
Two top finance executives and three others, who a federal jury found guilty on all counts of conspiracy, fraud and money laundering at National Century Financial Enterprises (NCFE) face jail terms of up to 140 years.
The verdicts came after a six-week trial in which a 27-count indictment unveiled the defendants' scheme to deceive investors about the financial health of the NCFE, one of USA's biggest health-care finance companies which filed for bankruptcy in 2002, CFO.com reports.
Randolph Speer, NCFE chief financial officer; Rebecca Parrett, vice chairman and treasurer; Donald Ayers, vice chairman and chief operating officer; Roger Faulkenberry, a senior executive responsible for raising money from investors; and James Dierker, associate director of marketing and vice president of client development, face maximum prison terms, ranging from 55 years to 140 years.
‘These convictions send a clear message to corporate America that executives will be brought to justice for lying to investors and misrepresenting the actions taken in their normal course of business,’ Mark Filip, deputy attorney general chairman of the president’s corporate fraud task force, said.
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