SEC Probes National Century Financial
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National Century Financial Enterprises Inc., a health-care company financing firm that filed for bankruptcy protection last month, is being investigated by the Securities and Exchange Commission, said a company spokesman.
The SEC contacted the Dublin, Ohio-based firm last week. Closely held National Century filed for Chapter 11 protection after the FBI raided its offices and Moody’s Investors Service slashed the ratings on more than $3 billion in bonds 12 levels to below investment grade on concern about misuse of reserves meant to back the bonds.
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