Enron Broadband trial begins this week, and many view it as a precursor to the really big Enron trial set for next year. “It’s the most important Enron trial to date,” Dan Cogdell, a criminal defense attorney in Houston who represents Ken Rice told Texas Lawyer, “Whatever happens here is likely to be a harbinger of what’s going to happen in the Lay, Causey, Skilling trial.” Anyway five officials of Enron Broadband Services – Joseph Hiroko, F. Scott Yeager, Rex Shelby, Kevin Howard and Michael Krautz – are on trial this time around.
The indictment also accuses defendants Joseph Hirko, Scott Yeager and Rex Shelby of selling large amounts of Enron stock during that two-year period and making millions from it. It alleges Hirko sold stock valued at about $70 million, Yeager sold about $54 million and Shelby sold about $35 million.
(More details on their sins, here!) Two others Ken Rice, who was the CEO of EBS and Kevin Hannon, his sidekick and chief operating officer of EBS have already pled guilty and are going to be testifying against the accused. Watch out for my piece on how Enron Broadband ruined the broadband market. Full skinny is of course available in Broadbandits.. Who made how much – find out!