Houston ? A former Enron Corp. executive surrendered Wednesday to the FBI on charges he sold large amounts of company stock when he knew his telecommunications unit was failing.

Rex T. Shelby, 51, a former vice president of engineering operations for Enron Broadband Services, is charged with fraud, money laundering, insider trading and conspiracy.

Shelby’s attorney, Edwin Tomko, called the charges “far-fetched” and said his client would be exonerated. Shelby pleaded innocent, and a federal magistrate set bail at $1 million.

Four other former Enron Broadband executives — Kenneth Rice, Joseph Hirko, Kevin Hannon and F. Scott Yeager — face similar charges. They surrendered last week and have pleaded innocent. Shelby was allowed to postpone his surrender because his father underwent surgery last week.

The government contends that the men made some $186 million from their stock sales.