Former Enron Executive Will Pay $1.49 Million
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Enron Corp.&#39;s former director of investor relations has agreed to pay $1.49 million to settle fraud charges related to the bankrupt energy company, US securities regulators said on Wednesday.
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Enron Corp. (ENRNQ.PK: Quote, Profile, Research) will pay $321 million from the proceeds of its sale of its pipeline arm to fund pension plans for thousands of former
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A former assistant treasurer at Enron Corp. was charged with conspiracy Tuesday for his alleged role in making the toppled energy giant&#39;s financial picture appear rosier than it was.
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Ex-Enron Chief Executive Jeffrey Skilling, facing sentencing later this month for his role in the energy trading giant's collapse, paid a fine to a Dallas court for public drunkenness, according a report on Wednesday on the Houston Chronicle Web site.
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Lehman Brothers Holdings Inc.  has tentatively agreed to pay &#36;222.5 million to settle an investor lawsuit over its role as an underwriter for Enron Corp., a person familiar with the situation said on Thursday.
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(InfoWorld) - Kenneth Rice, former CEO of Enron Broadband Services (EBS), has been sentenced to 27 months in prison on securities fraud charges and ordered to turn over about $15 million, the U.S. Department of Justice announced Monday. The $15 million will go to victims of the fraud at Enron, the Texas energy company that filed for bankruptcy in December 2001 before investigations revealed widespread accounting fraud. Rice and others at EBS, a unit of Enron, made a series of false statements about the products and business performance in order to mislead investors about the success of the company and inflate the price of Enron's stock, the DOJ said in a press release. Rice was sentenced Monday by Judge Vanessa Gilmore at U.S. District Court for the Southern District of Texas in Houston. Rice pleaded guilty in July 2004 to a securities fraud charge and cooperated with the DOJ's investigation into the collapse of Enron. While serving as CEO at EBS, Rice conspired with others to make false statements about the company's development of various software capabilities and its fiber-optic network, the DOJ said. Rice falsely portrayed EBS as a commercial and business success and falsely claimed that network control software developed by EBS was "up and running," when in fact the software had not progressed beyond the internal development stage. These misrepresentations, including a failure to disclose to the investing public that the company stood to sustain operating losses in 2001, contributed to a sharp rise in Enron's stock price, the DOJ said. EBS entered a number of partnerships before Enron's collapse. In July 2000, Blockbuster announced that it struck an exclusive 20-year partnership with EBS to deliver video on demand by early 2001. Blockbuster began testing the service in February 2001. Kevin Hannon, the former COO at EBS, was sentenced by Gilmore earlier this month to two years in prison, and fined $125,000. Hannon pleaded guilty in August 2004 to conspiracy to commit securities fraud and wire fraud. To date, the federal Enron Task Force has brought criminal charges against 36 defendants, including 25 former Enron employees. Eighteen of those defendants have pleaded guilty or been found guilty after trial. The task force has seized more than $100 million in Enron cases.
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A former assistant treasurer at toppled energy giant Enron Corp. pleaded guilty to a conspiracy charge Tuesday for his alleged role in making Enron&#39;s financial picture appear rosier than it really was.
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Enron Corp.&#39;s former investor relations chief pleaded guilty yesterday to one count of aiding and abetting securities fraud and agreed to help prosecutors with their ongoing probe of the energy company&#39;s leaders.
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The first criminal trial involving former Enron staff since the firm&#39;s collapse is set to begin. Two employees of the failed US energy giant and four Merrill Lynch executives face criminal charges relating to an Enron transaction in Nigeria in 1999.
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A former Enron Corp. executive told a  jury on Thursday that he knew the disgraced energy company had  made a bogus deal with investment bank Merrill Lynch in order  to post fraudulent profits.
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Former Enron Corp. assistant treasurer Timothy Despain pleaded guilty yesterday to conspiracy to commit securities fraud and agreed to cooperate with federal prosecutors investigating the company.
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The firm led by the acting chief executive of Enron asked a bankruptcy judge for a $25 million &quot;success fee&quot; for its efforts in shepherding the company through nearly three years under Chapter 11 bankruptcy, a court filing shows.
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Over 17,000 former Enron or Enron-affiliated workers, who had money tied to four pension plans when the company collapsed in 2001 amidst revelations of accounting fraud, will receive their benefit payments.
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Enron's ex-head of investor relations pleads guilty to fraud, pays a penalty of $1.49m and agrees to testify against his ex-bosses.
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Ten former Enron directors have agreed to pay $13 million out of their own pockets as part of a settlement with onetime shareholders.
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A former assistant treasurer Enron Corp. was charged Tuesday with conspiracy for allegedly helping make the energy company&#39;s financial picture appear rosier than it really was.
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Former Enron executive Andrew Fastow, who pleaded guilty to fraud, will be sentenced on Tuesday.