Former Enron Broadband CEO sentenced
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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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Enron Corp. founder Ken Lay, who was   convicted in May of fraud and conspiracy for his part in the   Houston-based company's collapse into bankruptcy in 2001, has   died of a heart attack at his vacation home in Colorado, a   Houston television station reported on Wednesday.
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A U.S. appeals court on Tuesday ordered ex-Enron Chief Executive Jeffrey Skilling to begin serving a 24-year prison sentence immediately, according to court documents.
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Brocade Communications Systems  Inc's  former chief was sentenced on Wednesday to 21  months in prison for backdating stock-option grants in a  scandal that has ensnared scores of U.S. companies and led to  billions of dollars of restatements.
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By Wendy Leonard Deseret Morning News  A man who intentionally caused a widespread Internet blackout in the Vernal area earlier this yea was sentenced Thursday to two years in prison.
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Former Enron Corp. chief executives Ken   Lay and Jeffrey Skilling were found guilty on Thursday of lying   about their company's crumbling finances in one of the biggest   U.S. business scandals and could face years in prison.
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Former Enron chief executive Jeffrey K. Skilling reported to a medium-security federal prison in Minnesota today to start serving a 24-year and six-month sentence for his role in one of history's biggest corporate scandals.
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A former Enron executive currently serving a prison term testified in the first Enron criminal trial on Wednesday that he worked on a secret deal with Merrill Lynch to fraudulently boost the disgraced energy giant's profits.
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A former high-ranking Enron Corp. executive was sentenced to 2 1/2  years in prison yesterday by a federal judge who acknowledged the official's cooperation with prosecutors but refused to give him the substantial break he requested.
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SAN FRANCISCO, Feb. 14  â Two of three former Enron traders accused of driving up energy prices during Californiaâs power crisis in 2000 and 2001 were each sentenced on Wednesday in federal court to two years of court-supervised release.
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Four former executives with computer networking and security vendor Enterasys Networks sentenced to prison terms.
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The former chief financial officer of SafeNet, a maker of computer network security products, was sentenced to six months in prison and fined $1 million.
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Former Brocade Communications Systems CEO Gregory Reyes has been sentenced to 21 months in prison and a US$15 million fine for fraud related to backdating of the storage networking company's stock options.
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Andrew Fastow, who helped engineer the   financial trickery that sank Enron Corp. and then helped   convict his former bosses in the scandal, on Tuesday got four   years knocked off the plea deal he had made, receiving a   six-year sentence instead.
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EnronÂs former chief financial officer received a sentence that was two years less than the maximum provided in his plea agreement.
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Four former executives with computer networking and security vendor Enterasys Networks have been sentenced to prison terms for their roles in accounting fraud at the company that cost investors millions of dollars, the U.S. Department of Justice announced Tuesday.
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Kenneth Rice, who turned government witness and testified in the trial of former Enron CEO Jeffrey Skilling and company founder Kenneth Lay, was sentenced Monday to 27 months in prison.