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Ohio executives sentenced for $1.9 billion fraud
AP/Yahoo News, August 7, 2008
A federal judge has handed down the first sentences to defendants convicted in a $1.9 billion corporate fraud case that federal prosecutors compared to the Enron or WorldCom scandals. Donald Ayers, a former COO with National Century Financial Enterprises, to 15 years in prison for his role in the fraud. Randolph Speer, the company's former CFO, received a 12-year sentence. National Century was a healthcare financing company based in suburban Columbus, OH. Prosecutors said executives authorized millions in unsecured loans to the healthcare providers, then misled investors about the loans.
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