Quantcast
 
Read Larry Connors' blogShort Term Trading Strategies


 

Judge puts Enron broadband trial on hold

Sat. September 06, 2008; Posted: 08:37 AM
Stocks RSS
Sep 06, 2008 (Houston Chronicle - McClatchy-Tribune News Service via COMTEX) -- ENRNQ | Quote | Chart | News | PowerRating -- Sep. 6--Three former Enron broadband division executives are still trying to avoid a second round before a jury.

More than three years have passed since their first trial in the summer of 2005 that ended in a handful of acquittals for Joseph Hirko, Rex Shelby and Scott Yeager while jurors were hung on dozens of other counts.

In March of this year they lost their bid to get a 5th U.S. Circuit Court of Appeals panel to throw out most remaining charges against them in pared-down indictments.

Now they're seeking an appeal before the U.S. Supreme Court, and a Houston federal judge on Friday postponed their November and January retrials to allow time for an answer to that request.

Federal prosecutors told U.S. District Judge Vanessa Gilmore that they have until mid-October to file a response to the defendants' request for a Supreme Court review. The earliest the high court could say whether it will hear the case would be mid-November.

Gilmore rescheduled the Hirko/Shelby retrial for Dec. 1 and pushed Yeager's trial to March 24.

The defendants are accused of overstating capabilities of Enron's broadband network to generate Wall Street buzz and enrich themselves from selling company stock inflated by the hype.

After a three-month trial, jurors acquitted Hirko of several money laundering counts, Shelby of some insider trading counts and Yeager of conspiracy and fraud counts.

More than a year ago the trio's lawyers argued before a three-judge 5th Circuit panel that the acquittals show jurors rejected at least some of the government's allegations. They argued that all or most remaining charges should be axed because the acquitted counts are related to the others on which jurors deadlocked.

For example, Yeager's lawyers said jurors determined Yeager didn't participate in fraud or conspiracy, so prosecutors can't say he sold stock on inside information or moved ill-gotten money among different accounts. Lawyers for Hirko and Shelby made the same argument from the opposite direction: because they were acquitted of money laundering and insider trading counts, there could be no fraud.

A government prosecutor countered that jurors acted "irrationally and inconsistently," and the panel ruled that the acquittals don't mean the men couldn't be found guilty of other charges against them.

kristen.hays@chron.com

To see more of the Houston Chronicle, or to subscribe to the newspaper, go to http://www.HoustonChronicle.com. Copyright (c) 2008, Houston Chronicle Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.

For full details for ENRNQ click here.

    


More News:   Market Updates | Stock Alerts | All Trading News | Stock Index

Email
Print
Archives
Feedback
Email Article Link
Close X
Recipients email address
Your name
Your email
Add a note (optional)




Stocks RSS





Related News [ENRNQ]
PREMIER SPONSORED LINKS
TRADE CENTER
 
The TradingMarkets Directory
RELATED SITES
Nothing but forex
Please call 1-213-955-5858 ext. 1

About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback

Disclaimer:

The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.

It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.

HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.

The Connors Group, Inc.
15260 Ventura Blvd., Ste. 2200
Sherman Oaks, CA 91403

© Copyright 2009 The Connors Group, Inc.


All analyst commentary provided on TradingMarkets.com is provided for educational purposes only. The analysts and employees or affiliates of TradingMarkets.com may hold positions in the stocks or industries discussed here. This information is NOT a recommendation or solicitation to buy or sell any securities. Your use of this and all information contained on TradingMarkets.com is governed by the Terms and Conditions of Use. Please click the link to view those terms. Follow this link to read our Editorial Policy.

© 2009 The Connors Group, Inc.