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November 10, 2005
Where it first does not succeed, the Enron Task Force tries, tries again
The Chronicle's Mary Flood reports in this article that the Enron Task Force has obtained three "streamlined" indictments against the five former Enron Broadband executives who were the subject of the previous failed Task Force prosecution over the same subject matter. As is the Task Force's policy, they leaked a copy of the superceding indictments to the media before they were filed on the electronic docket of the case, so a copy of the indictment is not yet available. I will post a copy of each indictment when they become available.
As Ms. Flood's article notes, the five former executives will not be tried together this time around. Kevin Howard, former EBS CFO, and Michael Krautz, former EBS senior accounting director, will be tried together in a trial currently scheduled for May, 2006 on four counts that they conspired to commit wire fraud and falsify books and records relating to the Task Force's allegation that they created a phony sale of video-on-demand profits in order to inflate EBS earnings. Next, former EBS executive Scott Yeager will be tried later that summer on a total of 13 counts of insider trading and money laundering. Finally, former co-CEO of EBS, Joe Hirko, and Rex Shelby, former senior vice president of engineering and operations, will be tried in September, 2006 on conspiracy to commit wire and securities fraud, as well as multiple counts of securities fraud, wire fraud and insider trading.
Of course, all of these trials will be anticlimactic compared with the trial of the Task Force's legacy case against former Enron executives Ken Lay, Jeff Skilling, and Richard Causey, which will crank up in mid-January, 2006.
Posted by Tom at November 10, 2005 06:34 AM
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