Lance Poulsen Gets 30 Years For $1.9 Billion Fraud Case

All aboard the corporate fraud express

The numbers in bailout and corporate fraud cases lately is staggering. How do people like you and me begin to comprehend what $1.9 billion looks and feels like? I’m far closer to needing a cash advance loan than I am to building an addition on a bungalow in the Caymans…

The Associated Press reports that Lance Poulsen, the founder of National Century Financial Enterprises in Columbus, Ohio, has been sentenced to 30 years in prison for perpetrating a $1.9 billion corporate fraud. According to the prosecution, this is the largest case of fraud ever committed at a privately held company in United States history.

Notably, Judge Algenon Marbley of Federal District Court said Poulsen is “the architect of a fraud of such magnitude that it would make a sophisticated analyst shudder.”

The wolf blaming the hens

This is not the first sign of trouble from National Century. Since an F.B.I. raid in 2002, a minimum of  nine executives have been convicted of corporate fraud. In what I consider a satisfying turn of events, Judge Marbley responded to claims that the investors should have seen trouble coming by saying “That’s the wolf blaming the hens for getting out of the hen house.” Thank you for common sense, your Honor.

For the record, Poulsen, 65, was convicted on 12 counts of securities fraud, wire fraud and money laundering. He declined to make a statement following sentencing, yet his defense attorney claimed his client was “disappointed” and would appeal. Awww, that’s horrible. Things must be tough for you, defrauder. ... click here to read the rest of the article titled "Lance Poulsen Gets 30 Years For $1.9 Billion Fraud Case"