Former Enron exec admits lying about cash flow
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The Justice Department obtained a guilty plea Tuesday from a former junior executive at Enron who admitted lying to Wall Street credit-rating firms about the company&#39;s worsening cash flow and debt obligations.
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Former Computer Associates chief executive Sanjay Kumar pleaded not guilty on Thursday in the US to charges that he helped inflate his firm&#39;s financial results and subsequently tried to conceal that fact from investigators.
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Former Enron Corp. chairman Kenneth L. Lay, who for weeks had been pressing to be tried on his own on criminal charges related to the company&#39;s demise, yesterday got more than he bargained for.
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A former Enron assistant treasurer has pleaded guilty to criminal charges relating to the energy firm's collapse and agreed to co-operate with prosecutors.
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A former senior executive at Refco pleaded guilty on Wednesday to fraud charges for his role in the collapse of the futures and commodities broker.
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Six former Enron and Merrill Lynch executives were accused Tuesday of disguising a $7 million loan as a sale of energy-producing barges to &quot;help Enron out of a jam&quot; and artificially boost its revenue.
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Enron Corp.'s (ENRNQ.PK) former director of investor relations has agreed to pay &#36;1.49 million to settle fraud charges related to the bankrupt energy company, U.S. securities regulators said on Wednesday.
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Sanjay Kumar, the former chief executive of Computer Associates of Islandia, NY, pleaded innocent Thursday to charges he helped inflate financial results.
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Four former Merrill Lynch and Co. executives and two former mid-level Enron Corp. executives conspired to push through a sham sale of barges in 1999 because they didn&#39;t
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The former chief executive and others were accused of committing accounting fraud to meet earnings forecasts and investor expectations.
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(InfoWorld) - Kenneth Rice, former CEO of Enron Broadband Services (EBS), has been sentenced to 27 months in prison on securities fraud charges and ordered to turn over about $15 million, the U.S. Department of Justice announced Monday. The $15 million will go to victims of the fraud at Enron, the Texas energy company that filed for bankruptcy in December 2001 before investigations revealed widespread accounting fraud. Rice and others at EBS, a unit of Enron, made a series of false statements about the products and business performance in order to mislead investors about the success of the company and inflate the price of Enron's stock, the DOJ said in a press release. Rice was sentenced Monday by Judge Vanessa Gilmore at U.S. District Court for the Southern District of Texas in Houston. Rice pleaded guilty in July 2004 to a securities fraud charge and cooperated with the DOJ's investigation into the collapse of Enron. While serving as CEO at EBS, Rice conspired with others to make false statements about the company's development of various software capabilities and its fiber-optic network, the DOJ said. Rice falsely portrayed EBS as a commercial and business success and falsely claimed that network control software developed by EBS was "up and running," when in fact the software had not progressed beyond the internal development stage. These misrepresentations, including a failure to disclose to the investing public that the company stood to sustain operating losses in 2001, contributed to a sharp rise in Enron's stock price, the DOJ said. EBS entered a number of partnerships before Enron's collapse. In July 2000, Blockbuster announced that it struck an exclusive 20-year partnership with EBS to deliver video on demand by early 2001. Blockbuster began testing the service in February 2001. Kevin Hannon, the former COO at EBS, was sentenced by Gilmore earlier this month to two years in prison, and fined $125,000. Hannon pleaded guilty in August 2004 to conspiracy to commit securities fraud and wire fraud. To date, the federal Enron Task Force has brought criminal charges against 36 defendants, including 25 former Enron employees. Eighteen of those defendants have pleaded guilty or been found guilty after trial. The task force has seized more than $100 million in Enron cases.
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Reuters reported Monday that a former aide to Enron Corp. ex-Chief Financial Officer Andrew Fastow has implicated his former boss in pushing a bogus deal with Merrill Lynch that boosted Enron&#39;s books.
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The former chief of human resources at America Online pleaded guilty to fraud Thursday for a scheme in which he allowed himself to profit from a sham consulting contract.
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Six former Enron Corp. and Merrill Lynch &amp; Co. executives were accused yesterday of disguising a $7 million loan as a sale of energy-producing barges to &quot;help Enron out of a jam&quot; and artificially increase its revenue.
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WILMINGTON: The former chief executive of PeopleSoft, who was fired last week, said he lied to Wall Street analysts last year about the impact of Oracle&#39;s hostile bid on the company&#39;s business.
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In testimony that he recorded in August as preparation for Oracle&#39;s &quot;poison pill&quot; lawsuit against PeopleSoft, former CEO Craig Conway admitted he lied to investors about the state of the company&#39;s
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A former Enron Corp. executive&#39;s dramatic account of a confrontation over an alleged sham sale of three barges to Merrill Lynch &amp; Co.