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Dynegy Ex-Employees Plead Not Guilty

IN BRIEF / ENERGY

July 02, 2003|From Bloomberg News

Three former employees of Dynegy Inc. who were indicted last month in connection with loans that allegedly were disguised to inflate the Houston energy company's cash flow pleaded not guilty.

Gene Foster, Jamie Olis and Helen Sharkey entered their pleas to charges of securities fraud, conspiracy, mail fraud and wire fraud in U.S. District Court in Houston. Foster was Dynegy's vice president for tax matters, Olis was tax-planning director and Sharkey was an accounting manager.

The defendants are accused of inflating Dynegy's revenue by $300 million through natural-gas trades with a special-purpose entity. Their trial is scheduled for Aug. 4.

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