DALLAS AP – A federal appeals court on Tuesday reversed several convictions against four former Merrill Lynch executives found guilty of helping engineer Enron’s 1999 sale of mobile power plants to the brokerage to help the energy trader appear to have met earnings targets.
The three-judge panel of the 5th U.S. Circuit Court of Appeals found fault with the government’s theory of fraud that led to the wire fraud and conspiracy convictions of James A. Brown, William Fuhs, Daniel Bayly and Robert S. Furst. Bayly is Merrill’s former head of investment banking.
