Fried Rice in Enron Broadband Case7/30/2004 8:00 AM Eastern
Former Enron Broadband Services CEO Kenneth Rice pleaded guilty to securities fraud Friday, AP reported.
Rice also agreed to help federal prosecutors with other Enron-related cases, according to AP.
He was charged in May 2003 with selling 1.2 million shares of Enron Corp. stock for more than $76 million while he knew the bankrupt energy giant’s broadband unit was failing.
According to AP, he faces a maximum of 10 years in prison and a fine of up to $1 million for the single fraud count. Sentencing was set for Jan. 31. The plea deal also requires him to forfeit $13.7 million in cash and property.