Court of Appeals Tosses Out Two Executives’ Money-Laundering Convictions
The 6th U.S. Circuit Court of Appeals issued two separate decisions on Monday that threw out the money-laundering convictions of James E. Dierker and Randolph H. Speer ("Money-laundering convictions tossed for two National Century executives," The Columbus Dispatch, April 5, 2011). Both men were former executives of National Century Financial Enterprises, a financial company formerly based in Dublin, Ohio that went bankrupt in 2002.
As reported in the article, Dierker and Speer, along with Donald H. Ayers and Roger S. Faulkenberry, were convicted in 2009 of charges related to the falsification of company financial reports for National Century. The company financed small hospitals, clinics and nursing homes, many of which collapsed after National Century failed.
This week's decisions were the result of an argument by government attorneys that the cases against Ayers, Faulkenberry, Dierker and Speer were so similar that if one money-laundering conviction was reversed, then all the money-laundering convictions should be reversed. Ayers and Faulkenberry both had their money-laundering convictions overturned last year after an appeals court determined the charges against them hadn't been proven in trial.
All four of the men were convicted on multiple charges, such as conspiracy and securities fraud. None of the other convictions was overturned. Dierker and Speer both appealed their sentences as well as their convictions. Resentencing dates for the two men have not yet been scheduled.
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