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National Century’s Poulsen Sentenced To 30 Years In Prison
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A federal judge in Columbus has sentenced the founder of Dublin-based National Century Financial Enterprises to 30 years in prison for corporate fraud. Lance Poulsen was convicted in October on 12 counts of securities fraud, wire fraud and money laundering. Two other former NCFE executives were also sentenced.
As Lance Poulsen stood shackled before him, U.S. District Judge Algenon Marbley called him ‘the architect of a fraud of such magnitude that it would make a sophisticated analyst shudder.’ Poulsen, Marbley said, perpetrated a $2.8 billion fraud that took place over a seven-year period. Marbley called Poulsen the puppet master of the scheme, and as such, deserving of the most serious sentence. And he received it: 30 years in prison. Assistant U.S. Attorney Doug Squires says that sentence is historic.
“This is a landmark case both because of the amount of the sentences and the fact that the NCFE, the fraud there, the $2.8 billion fraud with $2.3 billion lost, is the largest private fraud in U.S. history,” Squires said. “The sentence handed down to Lance Poulsen of 30 years is the longest sentence handed down for any white collar fraud, period, in U.S. history.”
Judge Marbley also sentenced missing National Century executive Rebecca Parrett to 25 years in prison for her role in the fraud. The 60-year-old disappeared last March after her conviction. And NCFE’s Karl Demmler received a seven-year sentence. Again Assistant U.S. attorney Doug Squires
“Karl Demmler was sentenced for his role in the obstruction, the cover up, the witness tampering that went to the heart and core of our justice system,” Squires said. “Karl Demmler was sentenced to 7 years in that cover up acting as a middle man working in conjunction with Poulsen, to tamper with a key witness in the NCFE fraud case.”
Demmler apologized during his sentencing. But Poulsen declined to make a statement.
With no parole available, Poulsen will be released from prison when he’s 95 years old.