Ex-Enron executive agrees to pay $8 million for insider trading

[Nottingham]

http://www.chron.com/cs/CDA/ssistory.mpl/topstory2/2191956

Ex-Enron executive agrees to pay $8 million for insider trading
By MARY FLOOD
Former Enron executive David Delainey, a close business associate of former CEO Jeff Skilling, pleaded guilty today to one count of insider trading and agreed to cooperate in the government's Enron investigations.

Delainey agreed to pay the government $4.2 million, and he also entered into an agreement with the Securities and Exchange Commission to hand over an additional $3.7 million. As part of that deal, he has agreed not to serve as an officer or director of any traded company.

Delainey, a 37-year-old Canadian citizen, left Enron in March 2002 as the chief executive officer of Enron Energy Services, the retail contracting business arm of the company. He's also been CEO of Enron North America.

Delainey was said to have been a favorite of Skilling in the company. He took over EES in 2001 and was one of the names bandied about on Wall Street in the late summer of 2001, just before the company's fall, for a top position at the company after Skilling left and Lay was looking to groom someone new.
more....

When will Ken Lay get to court???

[goforit]

1. $8 million??? While he could have 900 million in off shore accts?

That money goes to all the states for the losses they took!
Not the Federal Gov't!!!!

[Dover]

2. WHAT???!!! NO jail time? This man is a THIEF!!!

A multi-million dollar THIEF! If this guy can get away with this then every criminal should be allowed to BUY his way out of jail based on a percentage of what he/she stole.

And while the gov gets paid, what about all the investors?

This isn't justice!

Check out his foreign accounts. The SEC is a sham.

[Nottingham]

3. Yep guys this is an incredible SHAM

:bounce:

[ctex]

8. He hasn't been sentenced yet

He has plead quilty and agreed to $8 million in penalties. Per the Houston Chronicle he faces up to 10 years in prison when sentenced. He also faces still faces several civil suits which if successful will cost him much more of his money.

[w4rma]

4. Sounds like he made out like a bandit.

Steal $10s of millions give back $8. Keep $10s of millions.

[emad]

5. This ex-Enron con who was busted in the UK and did time in

the slammer may hold the clue:

http://www.met.police.uk/fraudalert/cases8.htm

[ctex]

9. This guy was guilty of stealing from Enron

without the approval of top management that is.

[ConcernedCanuk]

6. __ Ahem - - - - This should be no surprize to y'all !!

. . . You live in a country that rips off it's citizen's to wage war wherever, whenever they feel like it, in the amount of BILLIONS of $$$

but won't give you HealthCare

glad to be a Canuk

[smirkymonkey]

7. I know, pretty f**ed up, isn't it?

It's interesting how clear this is to citizens in other countries, but the majority of the American populace is completely blind to it.

It's absolutely maddening :grr:

[Palacsinta]

10. Pocket change

These jerks know all this upfront. There is a huge incentive/profit for committing these crimes.

[ctex]

11. Delainey is the 1st Skilling direct report to plead guilty

While several other direct reports have been indicted and while several people 2, 3 or 4 levels lower in the ranks have plead guilty or been convicted, Delainey is the 1st direct report (and also Skilling inner circle member) to plead guilty.

This is actually a very positive development for the people f**ked over by Enron.

[Clovis Sangrail]

12. what a joke

"This court finds you guilty of stealing that man's car...
now go give him back the ashtrays"