Ex-Enron Trader Admits Rigging Energy Market

Times Staff Writers SAN FRANCISCO -- A former top Enron Corp. executive pleaded guilty Thursday to a federal conspiracy charge for rigging California’s electricity markets during the power crisis, giving the state powerful ammunition in its claim for $9 billion in refunds from energy companies. conspiracy, Enron’s revenues from Belden’s trading unit rose from $50 million in 1999, to $500 million in 2000, to $800 million in 2001,” Thompson said. “It’s proof positive that there was market manipulation.” Enron’s trading schemes were first detailed in Enron memos released this spring by the Federal Energy Regulatory Commission. “He learned how to do these trading strategies at Enron, and he was never disciplined,” said lawyer Cristina Arguedas, adding that Belden didn’t mastermind the operations and was not “some kind of Lone Ranger.” “Clearly, what Belden said today through his attorney is that he was, in the vernacular, only following orders,” said Stephen L. Meagher, a former federal prosecutor who now is a partner with Phillips & Cohen in San Francisco.