Authorities Take Former Merrill Bankers Into CustodySep 19, 2003 | Houston Business Journal Criminal charges are being filed against three former Merrill Lynch bankers who surrendered to federal authorities on Wednesday in connection with a 1999 deal between Merrill and Enron Corp., according to a Reuters report.
The alleged deal allowed the energy company to post a fake $12 million profit and boost its quarterly earnings.
Reuters reported that Robert Furst, Daniel Bayly and James Brown were involved in a transaction that helped Enron meet its fourth-quarter 1999 profit target through a sham sale of three electricity-producing barges moored off the coast of Nigeria.
The three executives, accompanied by their lawyers, surrendered at the Houston office of the Federal Bureau of Investigation and were taken by car to federal court.
According to Reuters, the three were named in an indictment returned under seal in federal court on Tuesday. The specific charges against them were not immediately known.