Enron broadband exec pleads guilty

Kenneth Rice, 45, has agreed to pay $13.7m and faces a jail term of up to 10 years.

At his hearing, Rice admitted to misrepresenting the development state of Enron Broadband's software and to knowingly making false statements about it, the Financial Times reported.

Rice was co-chief executive of Enron Broadband Services from July 1999 to July 2001.

Enron filed for bankruptcy protection just five months after Rice quite the energy firm.