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Non-Tech : The ENRON Scandal

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To: Mephisto who started this subject	3/14/2003 5:18:33 AM
From: Mephisto	of 5185

Fraud Charges Filed Against 2 Employees of Enron Unit March 13, 2003 Fraud Charges Filed Against 2 Employees of Enron Unit nytimes.com By KURT EICHENWALD The following is an excerpt: " Two midlevel Enron employees were charged yesterday with engineering a fraud that generated more than $100 million in revenue through the company's short-lived video-on-demand business. The federal criminal complaint - which was filed under seal on Monday - named Kevin Howard, who worked as vice president for finance at Enron's broadband division, and Michael Krautz, a division accountant. Both men were charged with securities fraud, wire fraud and lying to investigators. They left Enron only yesterday, a spokeswoman said. The complaint centers on a single deal known as Braveheart, which was devised by Enron in 2000 soon after the company entered into a joint venture with Blockbuster to build a business to allow customers to download feature films and other videos from the Internet. Yet while the business was still in the developing stages, Enron used complex accounting maneuvers to recognize about $111 million in revenue from it."

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