Business Services Industry
Enron Figure Admits Fraud.
Knight Ridder/Tribune Business News, October, 2002
The Sacramento Bee, Calif. Knight Ridder/Tribune Business News
Oct. 19--SAN FRANCISCO -- In the first criminal prosecution to spring from the California energy crisis, a former top trader at Enron Corp. admitted Thursday to an illegal scheme to deceive regulators and manipulate wholesale electricity prices.
Federal and state investigators allege that Timothy N. Belden masterminded "Fat Boy," "Death Star" and other exotic trading strategies Enron used in California. The strategies gained notoriety when an Enron memo was made public in May.
As his parents sat in the front row of the courtroom, the 35-year-old Belden pleaded guilty in U.S. District Court in San Francisco to a single count of conspiracy to commit wire fraud. "The object...
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