BusinessCompany NewsFinancial execs face up to 140 years in jail for fraud

Financial execs face up to 140 years in jail for fraud

Top US financial executives are facing up to 140 years in jail after being found guilty of fraud

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.

Read the
story in CFO.com

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