BUSINESS BRIEFING / COURTS
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A former executive in Enron Corp.’s failed broadband unit pleaded guilty, declining to face a third trial in his long-standing case.
Kevin Howard, 46, pleaded guilty to one count of falsifying books and records. Under a plea agreement, Howard could receive up to a year of home confinement when he is sentenced Nov. 2.
The Justice Department said Howard admitted to manufacturing earnings for the failing broadband unit in late 2000 by selling an interest in future revenue of a video-on-demand venture that never made a profit.
Prosecutors said the deal was a sham because investors were promised to be bought out at a premium, making the sale a disguised loan.
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