Prosecutors in Oklahoma are dropping charges against Aubrey McClendon for his alleged role in a bid rigging conspiracy, following his untimely death Wednesday. However, an ongoing federal investigation continues into price fixing, bid rigging and other anticompetitive conduct in the oil and natural gas industry, officials said.
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McClendon Claims Innocence in DOJ Charge for ‘Masterminding’ Conspiracy to Buy Oklahoma Oil/Gas Leases
Aubrey McClendon, 56, the former chief and co-founder of Chesapeake Energy Corp., was killed Wednesday in a single-car crash, authorities said.
People
Kevin Cassidy, former CEO of Valhalla, NY-based brokerage firm Optionable Inc., has pleaded guilty to one count of conspiracy to commit wire fraud in connection with a 2003-2007 commodities trading scandal at Bank of Montreal (BMO). Cassidy was among the Optionable and BMO employees who were charged by federal and state authorities in 2008 for deceiving and defrauding the bank about the true value of its natural gas options book (see NGI, Nov. 24, 2008). A multi-count indictment charged Cassidy with criminal counts of wire fraud, making false statements to a bank, making false and misleading statements to the Securities and Exchange Commission and securities fraud. Under terms of the plea agreement, Cassidy would serve 30-37 months in prison. Cassidy also agreed to forfeit illegally obtained profit from the deal and could be fined. He is scheduled to be sentenced Dec. 15 in U.S. District Court for the Southern District of New York.
Former Optionable CEO Pleads Guilty to Conspiracy
Kevin Cassidy, former CEO of Valhalla, NY-based brokerage firm Optionable Inc., pleaded guilty Monday to one count of conspiracy to commit wire fraud in connection with a 2003-2007 commodities trading scandal at Bank of Montreal (BMO).
Skilling Files Motion Seeking Acquittal or New Trial
Former Enron Corp. CEO Jeffrey Skilling, who was convicted last month on 19 counts of conspiracy, fraud and insider trading, has filed a motion seeking a new trial or acquittal on all of the criminal counts.
Another Ex-Enron Exec Convicted of Fraud
Former Enron Broadband Services (EBS) executive Kevin Howard was convicted Wednesday on one count of conspiracy, three counts of wire fraud and one count of falsifying books and records for his role in a scheme to mislead investors about the company’s finances. Another former EBS executive, Michael Krautz, was acquitted on the same five charges.
NGI The Weekly Gas Market Report
Enron Trial Moves into Final Stretch
The 15-week-long fraud and conspiracy trial of former Enron Corp. founder Kenneth Lay and ex-CEO Jeffrey Skilling is moving into its final days, and the presiding judge said the trial could be in the jury’s hands by May 17. The defense expects to rest its case by Tuesday, and the government is expected to call no more than 10 rebuttal witnesses, who are all expected to briefly testify.
Prosecution Rests; Lay, Skilling Defense Teams Take Over Monday
Federal prosecutors rested their case Tuesday in the fraud and conspiracy trial of Enron Corp. founder Kenneth Lay and ex-CEO Jeffrey Skilling after filing a motion to drop three charges against Skilling and one against Lay. The defense, which was denied motions for acquittal, will open its case Monday.
Wittig Resigns, Westar Names Former COO to Revive Company
Under indictment for fraud, conspiracy and submitting false documents to a federally insured bank in Topeka, KS, David C. Wittig, chairman and CEO of Westar Energy Inc. resigned last week, two weeks after being put on unpaid administrative leave (see Power Market Today, Nov. 15; Nov. 8).
Wittig Resigns, Westar Names Former COO to Revive Company
Under indictment for fraud, conspiracy and submitting false documents to a federally insured bank in Topeka, KS, David C. Wittig, chairman and CEO of Westar Energy Inc. resigned over the weekend, two weeks after being put on unpaid administrative leave (see Power Market Today, Nov. 15; Nov. 8).