A decade ago, Enron made headlines with their alleged money laundering and insider trading antics. Four years later, seven executives were put on trial for those charges. Four of them pleaded guilty and the other three have been going through the criminal legal process ever since. Now, the company is back in the news.
One of the three executives was acquitted of all charges in a retrial while another was only acquitted of a few. The third executive is currently awaiting news of retrial. The second mentioned was acquitted Monday.
The long legal slog of F Scott Yeager ended with a 5th Circuit of Appeals Court ruling earlier this week. Those years of trial condensed into a short few sentences go something like this:
In 2005, Yeager was tried for 125 counts related to the fraud of the company after selling off his stock for over $54 million. He was acquitted on four counts and the jury reached no verdict on the other 121. He was re-indicted later on 13 counts that were not allowed to go on to trial. Until this week, there was still an option for prosecutors to bring charges against him. However, the courts have chosen not to revisit his case and have sent it to a federal court to have all charges acquitted.
According to Yeager’s attorney, prosecutors were too hot headed when the case first came up and entered unfounded charges. He then went on to question those prosecutors’ judgment for the charges.
After reading this story, I decided to look into criminal law a little bit, and found an interesting article from a criminal attorney. For those of you who want the cliff’s notes version, it basically talks about how what money laundering is and why people might launder cash.
If any of you have more to add on Enron or the criminal process in general, I’d be glad to hear it.