The former COO of Enron Corp.'s Internet division, Enron Broadband Services (EBS), was sentenced in Houston Monday to two years in federal prison.
Kevin Hannon, 46, also was fined $125,000 by U.S. District Judge Vanessa Gilmore. He had faced up to five years in prison.
Hannon was COO of EBS from January 2000 to June 2001, and he resigned from Enron in September 2001. He also had served as president of Enron's trading and commodities business. Hannon was indicted in 2003 (see Daily GPI, May 2, 2003), and he eventually pleaded guilty to one count of conspiracy to commit wire fraud and securities fraud, making a deal to cooperate in exchange for a reduced sentence (see Daily GPI, Sept. 1, 2004). At the time of his plea, Hannon agreed to forfeit $2.2 million and pay $1 million to settle U.S. Securities and Exchange Commission civil charges.
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