The Enron Scandal - Unmoderated Message Board

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Non-Tech : The Enron Scandal - Unmoderated

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To: Glenn Petersen who wrote (2802)	10/30/2003 5:07:59 PM
From: Glenn Petersen	Read Replies (2) of 3602

Former Enron Exec Pleads Guilty! story.news.yahoo.com HOUSTON (Reuters) - Former Enron Corp. (Other OTC:ENRNQ - news) executive David Delainey pleaded guilty to insider trading in federal court on Thursday and will cooperate with prosecutors still pursuing the most senior executives at the bankrupt energy trading giant. Delainey, former chief executive of Enron North America and Enron Energy Services who rose rapidly under Jeffrey Skilling's tenure as Enron's chief executive, could face up to 10 years in prison. Sentencing will take place at a later date. The 36-year-old Canadian has agreed to pay $8 million in penalties as part of the guilty plea and settlement of a related civil complaint brought by the Securities and Exchange Commission (news - web sites). Dressed in a dark suit, Delainey shook hands with prosecutors after the plea hearing. U.S. officials charged that Delainey sold stock while aware of Enron's scheme to deceive ordinary investors over its financial statements. He has agreed to forfeit the $4.26 million he gained from sales made in 2000 and 2001. The SEC said Delainey, without admitting or denying its complaint, had agreed to be barred from acting as an officer or director of a public company and to pay a civil penalty of $3.74 million. Enron collapsed two years ago amid disclosures about secret off-balance-sheet partnerships and other schemes that hid losses and enriched executives. Former Enron Treasurer Ben Glisan last month became the first executive sent to prison for his role in Enron's downfall. However, former Enron Chairman Kenneth Lay and Skilling, have not been charged so far.

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