National Century Execs. Found Guilty
As they walked out of federal court, Donald Ayers and Rebecca Parrett did not have anything to say. They are two of the National Century's five top executives that were found guilty of 26 counts of conspiracy, money laundering and fraud. They face 20 years in prison.
The Dublin-based company used money from investors to buy debt from healthcare providers. Prosecutors accused the company of over- lending which caused financial loss to investors when the company went bankrupt in 2002. Several healthcare facilities were also forced to close.
After the guilty verdict, Federal Prosecutor Doug Squires requested the executives be taken into custody immediately because he feared they would flee the United States.
After defense attorneys requested time for their clients to stabilize family matters and health concerns, Judge Algernon Marbley said he would place them on an electronic monitoring system. The five have been traveling to Ohio from homes as far as Georgia and Arizona throughout the case.
Several defense attorneys said they would appeal the verdict. Brian Dickerson, a lawyer for Donald Ayers says he doubts all the evidence was reviewed during the short deliberation.
"I was shocked, a day and a half after six weeks," Dickerson said.
Federal prosecutors presented 12 witnesses over four weeks. The defense presented their case in about one week.
A forfeiture hearing is set for April 28 where the judge will determine the how much money the convicted executives are liable for. Federal prosecutor Doug Squires said he is seeking $1.9 billion.
"Everyone's hurt when an investor is lied to in this country," Squires said.
Javier Armengau is the lawyer for Roger Faulkenberry, one of the convicted executives. Armengau says his client does not have the assets to recover the money.
"If you looked at the numbers he was not one of the multi-millionaires," he said. "His salary over a four or five-year span was like 1.8 million but certainly if you factor that out over that timeframe that certainly not a lot of money."
Amrengau said he was shocked by the outcome of the case because he felt witnesses created a strong case for his client.
"There was no evidence whatsoever that he ever falsified a document or even gave any false information," he said. "I'm very surprised by the verdict."
The executives will be sentenced in about two to three months.