BRIEF: National Century executive gets 2 years in $1.9 billion fraud

Fri. February 27, 2009; Posted: 01:42 PM

Feb 27, 2009 (The Columbus Dispatch - McClatchy-Tribune Information Services via COMTEX) -- CYFL | Quote | Chart | News | PowerRating -- A man who was partly responsible for defrauding investors of $1.9 billion was sentenced today to two years in federal prison.

Jon A. Beacham, 42, was director of securitization, responsible for raising money through bond sales, for National Century Financial Enterprises.

He pleaded guilty in July 2007 to conspiracy and securities fraud and admitted that he mislead investors about how their money would be used.

U.S. District Judge Algenon L. Marbley sentenced Beacham to 12 months on each count. The maximum penalty for each charge is five years.

As part of his plea agreement, Beacham turned over $330,000 he had earned as a result of his crimes.

National Century, formerly in Dublin, provided financing to health-care companies by collecting money owed to them for a fee. The company turned those debts into bonds and sold them to investors. It went bankrupt in November 2002.

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