Prosecutor: Former Ohio CEO Lied To Investors - Cleveland 19 News Cleveland, OH

Prosecutor: Former Ohio CEO Lied To Investors

COLUMBUS, Ohio (AP) - A federal prosecutor says the former CEO of a failed health care financing company fabricated company data, kept two sets of books and lied to investors.

Assistant U.S. Attorney Doug Squires says Lance Poulsen, founder of National Century Financial Enterprises, misused investors' money and broke promises.

Authorities have likened the $1.9 billion fraud case to a privately held-company version of the Enron or WorldCom scandals.

Poulsen's corporate fraud trial got underway today in Columbus.

The 65-year-old Poulsen characterizes himself as a rags-to-riches success story whose legitimate business was destroyed by the government.

A jury in March convicted five of Poulsen's co-defendants of multiple charges of fraud and money laundering.

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