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2 Enron Traders Avoid Prison In SentencesSAN FRANCISCO, Feb. 14 (AP) — Two of three former Enron traders accused of driving up energy prices during Californias power crisis in 2000 and 2001 were each sentenced on Wednesday in federal court to two years of court-supervised release. One of the men, Timothy Belden, the former head of trading in Enrons office in Portland, Ore., pleaded guilty in October 2002 to one count of conspiracy to commit wire fraud. Mr. Beldens case was the first prosecution of anyone related to the regions 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, was a lower-level trading manager in charge of the so-called short-term desk, who also pleaded guilty to two counts related to manipulating energy prices. He had faced up to five years and will pay a $410,000 fine. A third trader is expected to be sentenced next month for his role in the scheme, which fraudulently sent California energy prices soaring, causing energy shortages and rolling blackouts. Internal company records describe how Mr. Beldens trading unit took power out of California at a time of rolling blackouts and shortages and sold it out of state to elude price caps, according to documents obtained by investigators. Enron bought California power at cheap capped prices, routed it outside the state, then sold it back into California at inflated prices, authorities said. The sham trades were designed to circumvent Californias caps on wholesale energy. The crisis played a role in Pacific Gas & Electrics bankruptcy and will leave California consumers paying abnormally high electricity prices for years. Tag CloudExternal InformationAdditional InformationI.B.M. to Announce an Advance in Making Chips Faster and More Energy-Efficient...Friends Provident investor Centaurus Capital calls for talks with JC Flowers... A Recession’s Impact Is All in the Timing... King to Remain Head of British Central Bank... Where Am I?News Main Page - Business - 2 Enron Traders Avoid Prison In Sentences |
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