Collapsed energy firm, Enron Corp's former investor relations executive, Mark Koenig on Wednesday changed his plea to guilty regarding a charge levelled against him that he aided and abetted securities fraud.
The charge, which carries a maximum custodial sentence of 10 years, is that Mr Koenig was aware of and participated in attempts to disguise the firm's true financial situation in order to mislead investors. Enron founder, Kenneth Lay, former CEO, Jeffrey Skilling, and former chief accounting officer, Richard Causey are all facing similar charges.
According to the Associated Press, in a related civil action brought by the Securities and Exchange Commission (SEC), the former investor relations official agreed to cooperate with government investigations, and to turn over to the regulatory body $1.49 million in forfeited assets and civil penalties.
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