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|3rd Nov 2004||Fraud Investigation||Convictions in Enron fraud trial|
|Four former Merrill Lynch employees and an ex-Enron executive have been found guilty of fraudulently inflating the energy firm's profits.
A jury convicted ex-bankers Daniel Bayly, Robert Furst, William Fuhs and James Brown of fraud and conspiracy.
Ex-Enron finance director Dan Boyle was also found guilty. They were accused of orchestrating the bogus sale of Enron-owned electricity barges to Merrill, artificially boosting the energy firm's earnings.
Prosecutors said the deal was a loan in disguise, as the two sides had agreed to reverse the transaction later on.
A sixth defendant, former Enron accountant Sheila Kahanek, was found not guilty by the Houston jury. Those convicted face up to 15 years in prison, with sentencing due to take place at a later date.
During the trial, prosecutors said that the barge deal was an example of the kind of financial chicanery which led to Enron's collapse three years ago.
Lawyers for the defendants argued that the deal was genuine, and said that in any case, their clients were too junior to have played a significant part.
Assistant U.S. Attorney General Christopher Wray said Wednesday's verdict would serve as a warning to white collar criminals.
"Today's verdict signals that executives committing corporate fraud will be vigorously investigated and prosecuted. Those who aid such fraud will meet the same fate," he said.
Enron went bankrupt in December 2001 after it emerged that the company had hidden hundreds of millions of dollars in debt through a series of complex financial transactions.
The demise of Enron, a highly respected energy trading firm, dented investor confidence in corporate America, and sent shock waves through the financial markets.
Since Enron's collapse, the company's former chief financial officer, Andrew Fastow, has pleaded guilty to fraud and is helping prosecutors with their inquiries.
Former chairman Ken Lay and former chief executive officer Jeffrey Skilling are also facing multiple criminal charges.
|Other Reports on Enron|
|26th Sep 2006||Fraud Investigation||Enron||Fastow gets six-year term|
|13th Aug 2006||Fraud Investigation||Enron||Prosecutors raise Enron boss fine|
|25th May 2006||Fraud Investigation||Enron||Lay and Skilling guilty|
|15th May 2006||Fraud Investigation||Enron||Enron bosses 'stole to pump egos'|
|11th May 2006||Fraud Investigation||Enron||Judge deals blow to Enron accused|
|26th Apr 2006||Fraud Investigation||Enron||Enron feared witch hunt, Lay says|
|24th Apr 2006||Fraud Investigation||Enron||Lay 'devastated' by Enron failure|
|18th Apr 2006||Fraud Investigation||Enron||Skilling defends Enron share sale|
|13th Apr 2006||Fraud Investigation||Enron||Skilling slams Enron prosecutors|
|12th Apr 2006||Fraud Investigation||Enron||Enron 'held no cookie jar fund'|
|11th Apr 2006||Questionable Practice||Enron||Skilling denies cover-up at Enron|
|10th Apr 2006||Fraud Investigation||Enron||I'm innocent says ex-Enron chief|
|3rd Apr 2006||Fraud Investigation||Enron||Key Enron witness 'lied in court'|
|22nd Mar 2006||Fraud Investigation||Enron||Enron treasurer tells of 'lies'|
|16th Mar 2006||Fraud Investigation||Enron||Enron whistleblower condemns Lay|
|14th Mar 2006||Fraud Investigation||Enron||Key Enron witness 'duped bosses'|
|9th Mar 2006||Fraud Investigation||Enron||Lay 'lied about Enron finances'|
|7th Mar 2006||Fraud Investigation||Enron||Enron bosses hid massive losses|
|1st Mar 2006||Fraud Investigation||Enron||Enron 'pretty fast and loose with its rules'|
|27th Feb 2006||Fraud Investigation||Enron||Enron money man 'raided reserves'|
|13th May 2005||Fraud Investigation||Enron||Former Enron executive sentenced|
|9th Jan 2005||Fraud Investigation||Enron||Enron bosses agree $168m payout|
|28th Jun 2004||Other Issue||Enron||Enron ex-boss breaks his silence|
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