Friday, March 27, 2009

30 and 25 Year Sentences in White Collar Case

For those who might be thinking that white collar offenders will not face heavy sentences in a post Gall and Rita world -  today's sentences prove otherwise. A DOJ Press Release tells that "[t]wo former National Century Financial Enterprises (NCFE) executives were sentenced today for their roles in a scheme to deceive investors about the financial health of NCFE," with one receiving a sentence of 30 years and 3 years of supervised release following the prison term, and the other being sentenced to 25 years in prison and 3 years of supervised release following the prison term. The first individual, age 65, who served as the "president, owner and chief executive officer of NCFE," also was sentenced to a concurrent sentence of 10 years in prison.  The former "chair[ ], secretary, treasurer, director and owner of NCFE, age 60, who received the 25 year sentence was convicted of conspiracy, securities fraud, wire fraud and money laundering. The press release states that she "fled after the conviction and remains at large."  In addition to the prison sentences, the court also ordered the two "to forfeit $1.7 billion of property representing the proceeds of the conspiracy and to pay restitution of $2.3 billion, jointly and severally with other defendants."  The joint and several part may be an issue with one party still at large.  The press release notes that "NCFE, formerly based in Dublin, Ohio, was one of the largest healthcare finance companies in the United States until it filed for bankruptcy in November 2002."


Fraud, Sentencing | Permalink

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