A former Enron accountant was cleared of conspiracy and fraud charges in the first Enron criminal trial, while five others were convicted on charges related to a sham deal that padded the bankrupt energy giant's earnings by $12 million, according to published reports.
A Houston jury acquitted Sheila Kahanek but convicted a former Enron finance executive and four ex-Merrill Lynch bankers in a 1999 deal in which Enron pumped up earnings by pretending to sell an interest in Nigerian barges to Merrill Lynch, according to reports. Kahanek testified that she opposed a verbal promise that Enron would resell or buy back Merrill's interest in the barges within six months, according to the Associated Press.
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