The Securities and Exchange Commission is suing the former executives of National Century Financial Enterprises for allegedly defrauding investors who bought shares of the company's securities prior to its collapse back in 2002, the Associated Press reports.

SEC has filed charges against Lance Poulsen, former CEO;, Donald S. Ayers, former COO; Rebecca S. Parrett, former director of accounts receivable; and Randolph Speer, former CFO.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.