Former Enron Broadband Co-Chief Executive Officer Joseph Hirko has been sentenced to 16 months in prison for his role in a massive wire fraud scheme.
Hirko, 53, of Portland, Ore., was sentenced by U.S. District Court Judge Vanessa Gilmore in Houston to a term that will be served in a federal prison.
As part of his plea agreement, Hirko was also ordered to forfeit approximately $7 million in restitution to victims through the U.S. Securities and Exchange Commission’s Enron Fair Fund.
The sentencing comes after Hirko pleaded guilty on Oct. 14, 2008, in U.S. District Court in Houston to one count of wire fraud charged in a superseding indictment.
Hirko was initially charged in July 2005 along with four other EBS executives on various charges of conspiracy to commit securities and wire fraud, securities fraud, wire fraud, insider trading and money laundering.
However, the trial resulted in a mistrial, and Hirko was subsequently charged in a superseding indictment with wire fraud, securities fraud and insider trading.
According to the superseding indictment and the plea agreement, Hirko participated in Enron’s annual analyst conference in Houston at which Enron introduced EBS as one of its “core” units.
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Key Facts
- State: Federal
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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