Sentencing/Post Conviction
National Century Execs Jailed, Ordered to Repay $2,384,147,105.09
Posted Aug 7, 2008, 07:38 am CST
By Molly McDonough
Down to the penny, a federal judge in Ohio wanted former executives of one of the nation's largest private fraud cases to know how much damage they caused.
U.S. District Judge Algenon Marbley on Wednesday sentenced Donald Ayers, the former chief operating officer of National Century Financial Enterprises, to 15 years in prison. The company's former chief financial officer, Randolph Speer, received a 12-year sentence. And the judge ordered the men to repay $2,384,147,105.09 to investors, the Columbus Dispatch reports.
National Century, a Dublin, Ohio-based company, operated as a middleman, collecting money owed on bills to doctors. Investor funds were used to pay health-care providers in advance. But after National Century went bankrupt in 2002, investors lost $2.8 billion, and more than 275 health-care providers were shuttered, the Dispatch reports.
Ayers, 72, and Speer, 57, were convicted in March of security fraud and money laundering. Three others are set for sentencing this week.
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