US; British Enron bankers face jail
Date: 29 Nov 2007
Three British bankers, controversially extradited to the US on charges arising from Enron, look likely to face a three year jail sentence.
David Bermingham, Gary Mulgrew, and Giles Darby have admitted one fraud charge after a plea bargain. The outcome is a considerable success for the defendents since they potentially had faced up to 35 years in prison.
The three said they had conspired with ex-Enron staff to defraud their company, NatWest of $19m, splitting $7m between themselves. According to prosecutors, the men advised the NatWest to sell part of an Enron-owned firm for less than it was worth. They then left the bank and bought a stake in the company, selling it on at a higher price.
Their extradition to the US hit headlines in the UK as, under arrangements brought in due to concerns over terrorism, the US was able to seek extradition without presenting evidence.
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In a recent article, the BBC's economics editor Robert Peston highlighted the fact that in 2012 the chances are that the economy - punch drunk as it is from the various flavours of debt crisis it has been pummelled with over the course of the year - will be hit by the collapse of a major bank and / or government.
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