Kevin

Former Optionable CEO Hit With $1M BMO Trading Penalty

Nearly two years after Kevin Cassidy, former CEO of Valhalla, NY-based brokerage firm Optionable Inc., pleaded guilty to one count of conspiracy to commit wire fraud in connection with a 2003-2007 natural gas commodities trading scandal at Bank of Montreal (BMO), the Commodity Futures Trading Commission (CFTC) late last week reported that it has obtained a federal court order requiring Cassidy to pay a $1 million civil monetary penalty for violating the anti-fraud provisions of the Commodity Exchange Act (CEA) and CFTC regulations.

June 3, 2013

Former Optionable Inc. CEO Hit With $1M BMO Trading Scandal Penalty

Nearly two years after Kevin Cassidy, former CEO of Valhalla, NY-based brokerage firm Optionable Inc., pleaded guilty to one count of conspiracy to commit wire fraud in connection with a 2003-2007 natural gas commodities trading scandal at Bank of Montreal (BMO), the Commodity Futures Trading Commission (CFTC) on Thursday reported that it has obtained a federal court order requiring Cassidy to pay a $1 million civil monetary penalty for violating the anti-fraud provisions of the Commodity Exchange Act (CEA) and CFTC regulations.

May 31, 2013

Republicans Roll Out More Energy, Offshore Legislation

In the latest of a rash of energy proposals coming from Republicans, Sen. John Hoeven of North Dakota and Rep. Kevin McCarthy of California Thursday introduced legislation that calls for the Interior Department to add a lease sale off the coast of Virginia to its five-year plan, to step up permitting for energy development on federal lands, and give the go-ahead for the construction of the northern leg of the Keystone XL oil pipeline.

July 27, 2012

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.

August 29, 2011

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).

August 17, 2011

People

Kevin Howard, the former vice president of finance for Enron Corp.’s broadband unit, has pleaded guilty in U.S. District Court in Houston to one count of falsifying books and records. Under the plea agreement, Howard would serve four to 12 months of probation or home confinement, or a combination of both. U.S. District Judge Vanessa Gilmore accepted the plea and will formally sentence Howard later this year. The former Enron executive was scheduled to go to trial for a third time on fraud and conspiracy charges, similar to the charges he faced when he first was indicted in 2003 (see Daily GPI, March 13, 2003). Howard’s first trial ended in a mistrial (see Daily GPI, June 1, 2006). In the second trial Howard was found guilty on five counts, but the convictions later were dismissed by Gilmore (see Daily GPI, Feb. 2, 2007).

June 2, 2009

Former Enron Internet Boss Given Two Years in Prison

The former COO of Enron Corp.’s Internet division, Enron Broadband Services (EBS), was sentenced in Houston Monday to two years in federal prison.

June 5, 2007

Judge Tosses Convictions Against Enron Broadband Exec

U.S. District Judge Vanessa Gilmore in Houston last week threw out five convictions against Kevin Howard, the former vice president of finance for Enron Broadband Services (EBS), for his alleged role in a scheme to mislead investors about the Enron Corp. subsidiary’s finances.

February 5, 2007

Judge Tosses Convictions Against Enron Broadband Exec

U.S. District Judge Vanessa Gilmore in Houston has thrown out five convictions against Kevin Howard, the former vice president of finance for Enron Broadband Services (EBS), for his alleged role in a scheme to mislead investors about the Enron Corp. subsidiary’s finances.

February 2, 2007

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.

June 1, 2006
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