Enron energy trader pleads guilty
- Saturday, November 29, 2008, 0:13
John Mutual
Chemical Engineer
Info Tech
The former head of Enron electricity trading has pleaded guilty to a charge of conspiracy to commit fraud for his part in manipulating California’s energy market to drive up power prices.
Timothy Belden, who headed up Enron’s energy-trading operations in Portland, Oregon, admitted to one charge of conspiracy to commit wire fraud in a plea agreement, the US Department of Justice said on Thursday.
Andrew Fastow, who oversaw Enron’s books, was arrested earlier this month on multiple charges of fraud, conspiracy to commit fraud and money laundering.
Mr Fastow’ assistant, Michael Kopper, pleaded guilty in August to conspiracy charges following a plea agreement, which is believed to have led to Mr Fastow’s arrest.
California power scheme
Mr Belden has agreed to cooperate with authorities as part of the deal he struck with the government.
US Deputy Attorney General Larry Thompson told reporters during a press briefing on Thursday that Mr Belden was a key player in Enron’s bid to manipulate West Coast power prices.
About the Author
John Mutual has written 3 stories on this site.
