December 17, 2002 |
A bankruptcy filing by a Los Angeles hospital that relied on financing from National Century Financial Enterprises Inc. leaves future payments on almost $19 million in municipal debt in doubt, a trustee for bondholders said. Granada Hills Community Hospital, which borrowed from National Century this year, filed for bankruptcy protection Nov. 26, and monthly principal and interest payments haven't been met since September, a Dec. 2 notice to investors from U.S. Bank said. The notice said U.S.
November 19, 2002 |
National Century Financial Enterprises Inc., which sold at least $3.35 billion of bonds to help finance health-care providers, filed for bankruptcy protection Monday after investors balked at extending credit. The bankruptcy filing comes two days after the FBI raided the Dublin, Ohio-based company's offices. National Century's collapse may limit the ability of more than 100 health-care firms to meet expenses. Large investors such as Newport Beach-based Pacific Investment Management Co.
November 1, 2008 |
Lance Poulsen, former chief executive of National Century Financial Enterprises Inc., was convicted Friday of defrauding investors of $2.9 billion before his healthcare financing company collapsed in 2002. A federal jury in Columbus, Ohio, found Poulsen guilty of fraud, conspiracy and money laundering. Poulsen, 65, cheated investors who bought National Century bonds to back the purchase of unpaid insurance bills from medical providers that needed cash, prosecutors said. The company advanced $2.
May 23, 2006 |
A federal grand jury has indicted the former chief executive and six other high-ranking executives at National Century Financial Enterprises Inc., a failed healthcare finance company, in connection with a $3-billion fraud, prosecutors said. The 60-count indictment, unsealed Monday, accuses the defendants, including former Chief Executive Lance Poulsen, of lying to investors about how their funds would be used. The charges include conspiracy, fraud and promotion of money laundering.