Archive for Thursday, February 15, 2007

Ex-Enron traders receive probation

February 15, 2007


— Two of three former Enron Corp. traders accused of driving up energy prices during California's power crisis were each sentenced Wednesday in federal court to two years of court-supervised release.

Timothy Belden, the former head of trading in Enron's Portland, Ore., office, was sentenced after pleading guilty in October 2002 to one count of conspiracy to commit wire fraud. Belden's plea was the first prosecution of anyone related to the West's energy crisis in 2000 and 2001. He had faced up to five years in prison and must forfeit $2.1 million.

The second defendant, Jeffrey Richter, also pleaded guilty to two counts related to manipulating energy prices. He had faced up to five years and agreed to pay a $410,000 fine.

A third trader, the alleged mastermind behind the scheme, is expected to be sentenced next month.


just_another_bozo_on_this_bus 11 years, 1 month ago

They should have been given a life sentence of rolling blackouts, too.

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