Friday, June 9, 2006

Two More Enron Nigerian Barge Trial Defendants Freed on Bail

Former Merrill Lynch investment bankers Daniel Bayly and Robert Furst will be joining co-defendant William Fuhs outside the federal prison system after the Fifth Circuit granted them bail while the court considers their appeals.  The three were among the five defendants convicted in the Enron Nigerian Barge trial in 2004, the first prosecution by federal prosecutors related directly to Enron transactions (Arthur Andersen's conviction, while related to Enron, did not involve the company's business directly). It is uncommon for an appellate court to grant bail unless there is a significant question regarding the propriety of the conviction, especially after the oral argument has taken place.  Two other defendants, former Enron vice president Daniel Boyle and former Merrill Lynch executive James Brown, who received the longest prison terms, have not been released. An AP story (here) discusses the Fifth Circuit's decision. (ph)

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