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Status of Charges Against Former Enron Executives
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Energy Trading
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What They Did Wrong
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Legal Status
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Timothy Belden
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Began working at Enron in 1997 and became chief trader at Enron Power Marketing, where he devised the schemes - "Fat Boy," "Ricochet," "Get Shorty" - that helped allow Enron to manipulate the California energy market.
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Pleaded guilty in October 2002 to conspiracy to commit wire fraud in connection with manipulating energy prices in California. He agreed to cooperate with prosecutors and is awaiting sentencing.
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Jeffrey Richter
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Headed Enron's California short-term energy-trading, orchestrated the Load Shift scheme, where Enron created the false appearance of congestion on a transmission line to trigger payments from the state of California, and led the Get Shorty scheme, in which Enron sold fictitious emergency backup power it didn't have at a high price in the "day-ahead" California energy market. Enron traders would then collect the money, cancel the contracts and cover the commitment by purchasing lower services in the "hour-ahead" market and profit from the difference.
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Pleaded guilty in February 2003 to conspiracy to commit wire fraud and making a false statement to federal investigators during their probe of fraudulent market practices in California. He is awaiting sentencing
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John M. Forney
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Headed Enron 's western "real-time" power trading operations, where he created illegal trading trading schemes to manipulate the California energy market, including tne scheme known as "Forney 's Perpetual Loop," where Enron would send fictitious power across the grid, then accept payment from California's grid operators to relieve the artificial congestion they created on the lines.
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Indicted on 11 counts of conspiracy and wire fraud. Awaiting sentencing after pleading guilty in August 2004 to charges he manipulated energy markets during California’s power crisis.
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Hunter S. Shively
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Accused of manipulating Enron's unregulated auction service (Enron Online) and executing illegal trades.
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Charged by the Commodity Futures Trading Commission in March 2003 with civil charges - no criminal charges filed yet.
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