Former Enron executive acquitted of criminal charges

13:39, October 21, 2009      

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Former Enron executive F. Scott Yeager is free of all criminal charges related to financial fraud, a U.S. appeals court ruled Monday.

In its ruling, the appeals court in New Orleans said it did not need to revisit any issues of the former Enron broadband venture executive, adding that it had sent Yeager's case back to a federal court in Houston, Texas, for a full acquittal on all charges he faced.

"Today, ... it is clear under our initial ... analysis the jury made a finding in acquitting Yeager that precludes prosecution on insider trading and money laundering," the court said in its ruling.

Prosecutors had requested that the appeals court review the case.

Yeager was one of the five executives of Enron's failed broadband venture who were tried in 2005. They were accused of lying to shareholders about the broadband venture's value and trying to profit from selling the inflated shares. Two of them have had their retrials and been acquitted.

In 2005, Yeager was acquitted of conspiracy and fraud, but the jury could not reach a verdict on the remaining counts related to insider trading and money laundering.

Enron, once the seventh-largest company in the United States, collapsed and filed bankruptcy proceedings in 2001, after years of accounting tricks could no longer hide billions of dollars in debts or make failing ventures appear profitable.

Source:Xinhua
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