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Convicted Company Founder Wants Lower Restitution

COLUMBUS, Ohio (AP) — The founder of an Ohio health-care financing company convicted in a billion-dollar corporate fraud wants the $2.4 billion he was ordered to repay reduced or eliminated.

Lance Poulsen was convicted in 2009 on counts of securities fraud, wire fraud and money laundering. He was sentenced to 30 years in prison for his role in the collapse of National Century Financial Enterprises.

Poulsen’s attorney, David Axelrod, argues in court documents that victims in the case have recovered more than $1 billion through lawsuit settlements that have been made public, as well as undisclosed amounts from other settlements not made public.

Axelrod told The Columbus Dispatch ( ) Friday the goal of restitution laws is to make victims whole, but not to be a windfall.

The government has three weeks to reply.

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Information from: The Columbus Dispatch,

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