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NCFE Fraud

We are celebrating ten years since the filing of NCFE case. The NCFE bond fraud case was probably the largest default in US history that no one ever heard of. The State of Arizona lost over one billion dollars. That’s a billion with a “b”. The loss was swept under the rug because only institutional and governmental entities lost money (six billion). Mr. Miller filed the first civil lawsuit detailing exactly how the fraudsters set up their scheme. http://www.modernhealthcare.com/article/20080505/MAGAZINE/54033781.

Within 12 months there were over 40 New York law firms retelling the same story that Miller had plead. Mr. Miller was counsel for a large shareholder involving this bond, accounting and securities fraud claim against such venerable financial and accounting giants as JP Morgan Chase, Bank One, Credit Suisse, PricewaterhouseCoopers and Deloitte & Touche. Portions of the case have been reported in National Law Books, See Parrett v. Bank One, N.A. (In re Nat’l Century Fin. Enters. Inv. Litig.), 323 F.Supp.2d 861, 878 (S.D. Oh. 2004) (noting that mandatory abstention provides equitable ground supporting remand under § 1452(b)); These frauds were also covered by the New York Times, Washington Post, The Wall Street Journal and Forbes. The State of Arizona lost almost one billion dollars, yet the media was radio silent until Bill started filing lawsuits.

For the story of the case see www.forbes.com/forbes/2002/1028/150_print.html.

When all was said and done, the victims recovered significant portions of their loss and this is no small part due to Mr. Miller exposing the scam. Some of the bad guys will die in jail because of these crimes.

Here is a small sampling of the pleadings that were filed by William A. Miller.