All it takes is a little patience. F. Scott Yeager, a former Enron executive, got some good news from the 5th Circuit Court of Appeals in New Orleans, which ruled that it wouldn't revisit his case. So, he no longer has criminal charges related to financial fraud hanging over him. Yeager has been acquitted on all counts. This follows a June ruling by the Supreme Court, which tossed a previous 5th Circuit Court ruling that could have resulted in a new trial.

The ruling said, "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." Samuel Buffone, who was one of Yeager's attorneys, stated that his client shouldn't have been indicted to begin with and didn't do anything wrong. It has taken them seven years to get to this point.

Yeager landed in hot water because he sold stock in Enron for more than $54 million before it began the plunge that would ultimately end with its bankruptcy in 2001. He faced 125 counts, was acquitted of five (four for wire fraud and one for conspiracy to commit wire and securities fraud) and wound up with a hung jury for the remaining 120, which included insider trading and money laundering. He was later indicted again on 13 counts of insider trading and money laundering.

Continue reading Former Enron exec set free

Former Enron exec set free originally appeared on BloggingStocks on Wed, 21 Oct 2009 16:40:00 EST. Please see our terms for use of feeds.

What's up with those folks over at Wachovia (NYSE: WB)? It seems like they may have lost hold of the wheel. They've accidentally given up customers account balances to crooks. They have offered refuge to questionable funds. Now, it seems they've been sucked, with seven other banks, into a Federal investigation regarding the rigging of bids for government investment purchases. What has happened to the conservative Wachovia I used to know?

On May 20, Charles Duhigg had in The New York Times an excellent exposé regarding another nasty round of cyber crime. Wachovia was in no way at fault for the release of information leading to the account attacks, but its institution was one of many that apparently surrendered funds to criminals. I had always considered Wachovia to be an iron-clad safe institution. Someone must have missed a turn.

Continue reading Wachovia appears to be 'getting loose in the corners'

Wachovia appears to be 'getting loose in the corners' originally appeared on BloggingStocks on Tue, 22 May 2007 11:30:00 EST. Please see our terms for use of feeds.