Enron

In a significant victory for federal prosecutors who are pursuing other high-profile fraud cases post-Enron, a Houston jury late Thursday convicted former Dynegy Inc. executive Jamie Olis, 37, on six counts of fraud.

Enron Corp. founder Kenneth Lay, who had suffered two previous heart attacks before he collapsed and died on July 5, suffered from severe heart disease, according to an autopsy released by the Pitkin County, CO, Sheriff’s Office. Lay’s three main coronary arteries were more than 90% blocked, the autopsy revealed.

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.

After a lull following the post-Enron credit crisis, corporate merger and acquisition (M&A) activity once again is on the rise, driven by interest in regional market scale and rising cost pressures among several other factors, according to a new report by Merrill Lynch analysts Steve Fleishman, Jonathan Arnold and Elizabeth Parrella.

In light of the continuing flow of information regarding alleged past energy market manipulation by Enron and other companies, U.S. Sens. Dianne Feinstein (D-CA), Maria Cantwell (D-WA), Ron Wyden (D-OR), and Tom Harkin (D-IA) have introduced legislation that would increase penalties for natural gas and power market manipulation, improve price transparency and give regulators new tools to oversee energy markets.

In light of the continuing flow of information regarding past energy market manipulation by Enron and other companies, U.S. Sens. Dianne Feinstein (D-CA), Maria Cantwell (D-WA), Ron Wyden (D-OR), and Tom Harkin (D-IA) have introduced legislation that would increase penalties for natural gas and power market manipulation, improve price transparency and give regulators new tools to oversee energy markets.

In another plea agreement reached by the Enron Task Force in Houston last Wednesday, four former El Paso Corp. natural gas energy traders last week agreed to plead guilty to criminal charges for reporting false trades to an industry publication and agreed to cooperate with an ongoing federal probe.

In another plea agreement reached by the Enron Task Force in Houston, four former El Paso Corp. natural gas energy traders were expected to plead guilty to criminal charges for reporting false trades to an industry publication and will cooperate with an ongoing federal probe, prosecutors said Wednesday in a Houston courtroom.

Price volatility and an abundance of energy trading talent — available since the collapse of Enron Corp., et al, — have revitalized the merchant energy sector and created a booming opportunity for speculative hedge fund trading, several financial consultants said Thursday.