7 Former Loan Co. Execs Charged with Fraud

$3 billion can get you a world of hurt and a federal grand jury indictment, especially when you?ve defrauded investors to get it.

According to an Associated Press story, 7 former executives of a now-defunct Ohio company, National Century Financial Enterprises, lied to investors and concealed cash shortcomings. National Century Financial Enterprises had been one of the nation?s leading lenders to the health care providers.

The bilking occurred between 1994 and 2002, when the company collapsed amid financial scandal and shenanigans. Everyone from the IRS to the U.S. Postal Service to immigration agents have had an interest in the investigations as to what all went wrong with the once imposing company.

If convicted, the defendants could get up to 20 years in prison and a $500,000 fine for each money laundering and money laundering conspiracy charge, up to 20 years in prison for certain wire and mail fraud charges and up to five years in prison and a $250,000 fine for each of the other charges.

You can read more about this story at 7 former loan co. execs charged with fraud.