Andrew Fastow, the 42-year-old financial whiz kid who helped propel Enron Corp. to the top of the energy merchant industry only to see all of his intricate financial schemes sink the company into bankruptcy, pleaded guilty Wednesday to conspiracy to commit wire fraud and conspiracy to commit securities fraud. He faces a 10-year prison sentence, forfeiture of $23.8 million in cash and assets, and he is permanently barred from serving as an officer or director of a public company.
Articles from Pleads
The third of four former El Paso Corp. natural gas traders has pleaded guilty to making false reports to an industry publication. William Ham, 45, faces up to five years in prison and a $500,000 fine. He pleaded guilty late Monday in Houston, and he also agreed to cooperate with authorities in the ongoing investigation.
A second ex-El Paso Corp. natural gas trader formally plead guilty Monday in a Houston courtroom to reporting false prices to an industry publication. Under an agreement with prosecutors, Donald Guilbault, 51, pleaded guilty to one criminal count of false price reporting.
As expected, former El Paso Corp. natural gas trader Dallas Dean, 60, pleaded guilty last week to making false reports to a price index publisher. Dean was one of four former El Paso traders charged by the government two weeks ago (see NGI, Oct. 11).
As expected, former El Paso Corp. natural gas trader Dallas Dean, 60, pleaded guilty this week to making false reports to a price index publisher. Dean was one of four former El Paso traders charged by the government last week (see Daily GPI, Oct. 7).
The former COO of Enron Broadband Services (EBS) pleaded guilty Tuesday in U.S. District Court in Houston to one count of conspiracy to commit wire and securities fraud. Kevin Hannon agreed to forfeit $2.2 million and pay $1 million in civil fines, and he also agreed to cooperate with prosecutors in their ongoing case against former Enron Corp. executives.
John M. Forney, architect of the “Death Star” power trading scheme and manager of the real-time trading on Enron’s West Desk in Portland, OR, pleaded guilty Thursday to conspiracy to commit wire fraud for the purpose of manipulating California’s energy markets, according to an announcement by the United States Attorney for the Northern District of California.
Kenneth Rice, 45, who formerly was co-CEO of Enron Corp.’s broadband division, pleaded guilty on Friday to one count of securities fraud. He agreed to pay a $13.7 million fine, and now faces up to 10 years in prison. Sentencing is set for Jan. 31, 2005.