Yet another Enron exec has copped a plea.
Former Enron executive David Delainey, a close business associate of former CEO Jeff Skilling, pleaded guilty today to one count of insider trading and agreed to cooperate in the government’s Enron investigations.
Delainey agreed to pay the government $4.2 million, and he also entered into an agreement with the Securities and Exchange Commission to hand over an additional $3.7 million. As part of that deal, he has agreed not to serve as an officer or director of any traded company.
Delainey, a 37-year-old Canadian citizen, left Enron in March 2002 as the chief executive officer of Enron Energy Services, the retail contracting business arm of the company. He’s also been CEO of Enron North America.
Delainey was said to have been a favorite of Skilling in the company. He took over EES in 2001 and was one of the names bandied about on Wall Street in the late summer of 2001, just before the company’s fall, for a top position at the company after Skilling left and Lay was looking to groom someone new.
Attorneys watching the Enron cases believe Delainey could help the government get to Skilling.
One can damn well only hope. The Frog March Orchestra is awaiting its cue. Don’t let them down.