Enron’s Ken Pleads Guilty

From Holden:

But it’s Ken Rice, not Ken Lay.

Kenneth Rice, the former head of Enron Corp.’s high-speed internet unit, pleaded guilty to one count of securities fraud and agreed to cooperate with federal prosecutors pursuing other cases related to the company’s collapse.

Rice faces a maximum of 10 years in prison and a fine of up to $US1 million ($A1.44 million). Sentencing was set for January 31.

Poor Other-Kennyboy. As punishment that mean old judge took away his toys:

Rice, who has been free on $US3 million ($A4.3 million) bond, was forced to forfeit several pieces of expensive jewellery upon his indictment, including a sapphire and diamond necklace and bracelet belonging to his wife.

US District Judge Vanessa Gilmore also placed a hold on a Shelby sports coupe and a Ferrari, a particularly expensive 1995 race model, that Rice owned, meaning he could keep them but couldn’t sell them. The judge said she didn’t want the cars “all dinged up” in an impound lot.