Former Enron Broadband executive pleads guilty to conspiracy

[Nambe]

HOUSTON (AP)

A former executive from Enron Corp.'s defunct high- speed Internet unit pleaded guilty Tuesday to one count of conspiracy related to the scandal-choked company's collapse.

Kevin Hannon, 44, chief operating officer for Enron Broadband Services, was ordered to surrender $2.2 million US in assets and $8 million US in deferred compensation from Enron's bankruptcy estate to the Justice Department and $1 million US to the Securities and Exchange Commission (news - web sites).

His maximum sentence is five years and a $250,000 US fine, but he probably will serve less prison time because he is co-operating with prosecutors.

Hannon is the second of seven former broadband executives charged in a 221-count indictment to cut a deal. In late July, the unit's former CEO, Kenneth Rice, pleaded guilty to a single count of securities fraud and is co-operating with prosecutors. Rice had faced more than 40 counts of conspiracy, fraud, insider trading and money laundering. ..

[Dancing_Dave]

1. So conspiracies really DO happen!

So here's your wake-up call, folks! :headbang:

[david_vincent]

2. My question is

how much was he allowed to keep?