BusinessCompany NewsFormer Enron finance director convicted

Former Enron finance director convicted

Former finance director of energy company Enron, Dan Boyle, has been found guilty of conspiracy and fraud in Houston, Texas.

Link: UK accountants escape Enron extradition

Four former Merrill Lynch bankers have also been convicted in what is the first criminal trial into the Enron scandal. Former Enron accountant, Sheila Kahanek, was found not guilty.

The convicted men will be sentenced at a later date, but could get up to 15 years in prison each.

According to reports in The Daily Telegraph the jury found that the men had rigged a deal to sell Merrill Lynch three power-producing barges owned by Enron so that the energy giant could meet Wall Street profit forecasts.

Prosecutors said the deal was designed to manipulate earnings and mislead investors, because Enron promised to buy back the barges at a profit to Merrill Lynch later on.

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